0000039899-24-000006 | 10-K | XBRL Viewer

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Shareholders' equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 3,071,722
Other comprehensive income (loss), before reclassifications	1,769	$ (16,211)	$ 19,287
Amounts reclassified from AOCL	4,154	(12,106)	4,573
Ending Balance	2,704,872	3,071,722
Equity method investments	16,195	17,003
CareerBuilder Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity method investments	0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(125,533)	(97,216)	(121,076)
Ending Balance	(119,610)	(125,533)	(97,216)
Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(126,065)	(113,090)	(120,979)
Other comprehensive income (loss), before reclassifications	1,769	(16,288)	3,316
Amounts reclassified from AOCL	4,154	3,313	4,573
Ending Balance	(120,142)	(126,065)	(113,090)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	532	455	(97)
Other comprehensive income (loss), before reclassifications	0	77	552
Amounts reclassified from AOCL	0	0	0
Ending Balance	532	532	455
Available-For-Sale Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 0	15,419	0
Other comprehensive income (loss), before reclassifications		0	15,419
Amounts reclassified from AOCL		(15,419)	0
Ending Balance		$ 0	$ 15,419

Retirement plans - Narrative (Details) - USD ($)	12 Months Ended
Retirement plans - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
401(k) employee maximum matching contribution (up to)	50.00%
401(k) employer matching contribution	100.00%
Contributions per employee subject to employer match	4.00%
Compensation expense related to 401(k) contributions	$ 18,600,000	$ 18,700,000		$ 17,100,000
Expenses incurred for multi-employer withdrawal liabilities	0	0		0
AFTRA Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded percentage			82.00%
Contribution by employer	2,800,000	2,700,000		$ 2,900,000
CBA contribution as a percent of total contribution			5.00%
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial (loss) gain	$ (9,443,000)	$ 119,462,000
Discount rate	5.20%	5.50%		2.89%
Discount rate	5.50%	2.89%		2.54%
Actuarial gain (losses) from change in discount rate	$ (10,900,000)	$ 120,100,000
Contributions made to SERP	$ 3,833,000	$ 5,788,000
Target allocation	100.00%
Actual rate of return on plan assets (as a percent)	10.00%	(23.00%)		4.50%
Retirement Plans \| Corporate stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation	14.00%
Retirement Plans \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation	86.00%
TRP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions expected to be made during next fiscal year	$ 6,900,000
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to SERP	3,800,000
Contributions expected to be made during next fiscal year	$ 5,800,000

Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

We operate as one operating and reportable segment which includes a goodwill balance of $2.98 billion as of both December 31, 2023 and 2022. There were no adjustments to our goodwill balance during 2023 or 2022.

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2023 and 2022 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2023
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,124,731	$	—	$	2,124,731
Amortizable intangible assets:
Retransmission agreements	113,621		(95,619)		18,002
Network affiliation agreements	309,502		(144,834)		164,668
Other	71,067		(49,496)		21,571
Total indefinite-lived and amortizable intangible assets	$	2,618,921	$	(289,949)	$	2,328,972

Dec. 31, 2022
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	224,827		(184,796)		40,031
Network affiliation agreements	309,503		(121,664)		187,839
Other	71,465		(41,627)		29,838
Total indefinite-lived and amortizable intangible assets	$	2,729,693	$	(348,087)	$	2,381,606

In 2023, we acquired low-power television stations WYSJ and WJHJ which resulted in the recognition of $0.8 million of indefinite-lived intangible assets for acquired FCC licenses.

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition and brand names which are also amortized on a straight-line basis over their useful lives. In 2023, gross amortizable intangible assets and associated accumulated amortization decreased by $111.6 million, due to certain intangible assets reaching the end of their useful lives.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2023 (in thousands):


2024	$	47,293
2025	28,468
2026	24,431
2027	14,577
2028	13,644
Thereafter	75,828
Total	$	204,241

Long-term debt - Narrative (Details) - Line of Credit	Jan. 25, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility \| Amended And Restated Competitive Advance And Revolving Credit Agreement
Debt Instrument [Line Items]
Unused borrowing capacity		$ 1,490,000,000
Maximum borrowing capacity		1,510,000,000
Outstanding borrowing		$ 0
Revolving Credit Facility \| Amended And Restated Competitive Advance And Revolving Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
Debt instrument, term	5 years
Leverage ratio, step-up	0.5
Restricted cash amount requirement	$ 600,000,000
Debt instrument covenant consolidated leverage ratio	4.50
Letter of Credit \| Amended And Restated Competitive Advance And Revolving Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Springing maturity, term	91 days
Springing maturity threshold	$ 300,000,000
Bridge Loan \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000

Retirement plans - Schedule of Pension Costs (Details) - Retirement Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost-benefits earned during the period	$ 0	$ 0	$ 2
Interest cost on benefit obligation	24,183	16,830	15,887
Expected return on plan assets	(20,940)	(19,502)	(34,679)
Amortization of prior service cost	90	90	90
Amortization of actuarial loss	6,059	4,583	4,952
Pension payment timing related charge	0	300	946
Expense for (income from) company-sponsored retirement plans	$ 9,392	$ 2,301	$ (12,802)

Shareholders' equity - Schedule of Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income for Equity Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 24,497	$ 30,481	$ 31,515
Total income tax benefit	9,072	10,744	8,082
Employee awards stock-based compensation net of tax	15,425	19,737	23,433
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	20,931	16,182	12,806
PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,566	$ 14,299	$ 18,709

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Goodwill and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets and Amortizable Intangible Assets

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2023 and 2022 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2023
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,124,731	$	—	$	2,124,731
Amortizable intangible assets:
Retransmission agreements	113,621		(95,619)		18,002
Network affiliation agreements	309,502		(144,834)		164,668
Other	71,067		(49,496)		21,571
Total indefinite-lived and amortizable intangible assets	$	2,618,921	$	(289,949)	$	2,328,972

Dec. 31, 2022
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	224,827		(184,796)		40,031
Network affiliation agreements	309,503		(121,664)		187,839
Other	71,465		(41,627)		29,838
Total indefinite-lived and amortizable intangible assets	$	2,729,693	$	(348,087)	$	2,381,606

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2023 (in thousands):


2024	$	47,293
2025	28,468
2026	24,431
2027	14,577
2028	13,644
Thereafter	75,828
Total	$	204,241

Retirement plans - Schedule of Allocation of Plan Assets (Details) - Retirement Plans	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	100.00%
Actual allocation of Plan Assets	100.00%	100.00%
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	14.00%
Actual allocation of Plan Assets	17.00%	14.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	86.00%
Actual allocation of Plan Assets	83.00%	86.00%

Shareholders' equity - Schedule of Earnings (Loss) Per Share (Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 476,347	$ 631,198	$ 478,197
Net loss (income) attributable to noncontrolling interest	377	(729)	(1,242)
Adjustment of redeemable noncontrolling interest to redemption value	(1,771)	(560)	46
Earnings available to common shareholders	$ 474,953	$ 629,909	$ 477,001
Weighted average number of common shares outstanding - basic (in shares)	207,594	223,652	221,504
Effect of dilutive securities
Weighted average number of common shares outstanding - diluted (in shares)	207,947	224,486	222,471
Earnings per share - basic (in dollars per share)	$ 2.29	$ 2.82	$ 2.15
Earnings per share - diluted (in dollars per share)	$ 2.28	$ 2.81	$ 2.14
Restricted stock units
Effect of dilutive securities
Effect of dilutive securities (in shares)	220	535	736
Performance share awards
Effect of dilutive securities
Effect of dilutive securities (in shares)	133	299	230
Stock options
Effect of dilutive securities
Effect of dilutive securities (in shares)	0	0	1

Retirement plans - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 462,466	$ 464,309
Fair value of plan assets	$ 386,108	$ 385,005

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, District of Columbia

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term for lease portfolio (in years)	7 years 7 months 6 days	8 years 4 months 24 days
Weighted average discount rate (as a percent)	5.20%	5.00%
Lease expense	$ 16.2	$ 16.7	$ 17.8
Cash payments for operating leases	$ 17.1	$ 17.6	$ 18.5
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years

Investments and other assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Other non-operating items, net		$ 17,490	$ 14,509	$ 6,823
MadHive Inc \| Commercial Agreement \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Schedule of Equity Method Investments [Line Items]
Amortization period		2 years
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Schedule of Equity Method Investments [Line Items]
Other non-operating items, net		$ 20,800
Investment One
Schedule of Equity Method Investments [Line Items]
Equity investments, impairment loss			$ 2,500
Recorded gains				1,900
Different investment
Schedule of Equity Method Investments [Line Items]
Equity investments, impairment loss				$ 1,900
MadHive Inc
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment	$ 26,400
After-tax gain on sale of equity method investment	$ 25,800	$ 25,800
Equity method investment, ownership percentage	19.00%

Retirement plans - Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses	$ (159,086)	$ (167,502)
Prior service cost	(1,436)	(1,526)
Amounts in accumulated other comprehensive loss	$ (160,522)	$ (169,028)

Goodwill and other intangible assets - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Goodwill	$ 2,981,587	$ 2,981,587
Adjustments	0	$ 0
Acquired Indefinite-Lived Intangible Assets [Line Items]
Decrease In accumulated amortization	111,600
Decrease in gross intangible assets	111,600
Television and radio station FCC broadcast licenses
Acquired Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets	800
Indefinite lived intangible assets	$ 800

Long-term debt - Schedule of Annual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	550,000
2027	440,000
2028	1,000,000
Thereafter	1,100,000
Total	$ 3,090,000	$ 3,090,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 476,347	$ 631,198	$ 478,197
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation	59,769	61,195	64,841
Amortization of intangible assets	53,467	59,882	63,011
Employee awards stock-based compensation	24,497	30,481	31,515
Company stock 401(k) match contributions	18,629	18,661	17,142
Amortization of deferred financing costs, debt discounts and premiums	7,058	6,919	8,323
Gains on assets	(25,809)	(18,308)	0
Provision for deferred income taxes	19,737	17,476	9,916
Merger termination fee	(136,000)	0	0
Equity loss in unconsolidated investments, net	877	4,473	9,713
Pension expense (contributions), net of contributions (expense)	5,559	(3,487)	(19,139)
Changes in operating assets and liabilities, net of acquisitions:
Decrease (increase) in accounts receivable	34,726	(15,365)	(88,687)
Increase in accounts payable	38,739	3,216	14,947
(Decrease) increase in interest and taxes payable	(14,977)	15,330	(53,303)
Increase (decrease) in deferred revenue	2,810	(2,151)	1,589
Changes in other assets and liabilities, net	21,820	2,631	(36,453)
Net cash flow from operating activities	587,249	812,151	501,612
Cash flows from investing activities:
Purchase of property and equipment	(54,694)	(51,333)	(63,076)
Reimbursement from spectrum repacking	0	323	4,942
Payments for acquisitions of businesses and other assets	(1,150)	0	(13,335)
Payments for investments	(370)	(5,691)	(1,791)
Proceeds from investments	28,105	4,997	3,701
Proceeds from sale of assets	120	472	303
Net cash flow used for investing activities	(27,989)	(51,232)	(69,256)
Cash flows from financing activities:
Payments of borrowings under revolving credit facilities, net	0	(166,000)	(189,000)
Dividends paid	(83,534)	(84,756)	(78,465)
Repurchase of Common Stock	(652,914)	0	0
Debt repayments	0	0	(137,000)
Payments for debt issuance and premiums for early redemption costs	0	0	(1,256)
Other, net	(13,457)	(15,471)	(10,614)
Net cash flow used for financing activities	(749,905)	(266,227)	(416,335)
(Decrease) increase in cash and cash equivalents	(190,645)	494,692	16,021
Balance of cash and cash equivalents at beginning of year	551,681	56,989	40,968
Balance of cash and cash equivalents at end of year	361,036	551,681	56,989
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	126,138	171,095	179,164
Cash paid for interest	$ 166,132	$ 167,533	$ 179,803

Income taxes - Schedule of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unrecognized tax benefits
Balance at beginning of year	$ 7,725	$ 8,196	$ 7,435
Additions for tax positions of prior years	151	0	1,363
Reductions for tax positions of prior years	(680)	0	0
Settlements	0	(9)	0
Reductions due to lapse of statutes of limitations	(551)	(462)	(602)
Balance as of end of year	$ 6,645	$ 7,725	$ 8,196

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes on Income Consists

The provision (benefit) for income taxes consists of the following (in thousands):



2023	Current		Deferred		Total
Federal	$	96,816	$	14,240	$	111,056
State and other	13,646		5,497		19,143
Total	$	110,462	$	19,737	$	130,199



2022	Current		Deferred		Total
Federal	$	161,438	$	13,435	$	174,873
State and other	23,456		4,041		27,497
Total	$	184,894	$	17,476	$	202,370



2021	Current		Deferred		Total
Federal	$	114,255	$	15,400	$	129,655
State and other	11,310		(5,484)		5,826
Total	$	125,565	$	9,916	$	135,481

Schedule of Reconciliation of Effective Tax Rate

The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences:


	2023	2022	2021
U.S. statutory tax rate	21.0%	21.0%	21.0%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.3	2.7	2.6
Uncertain tax positions, settlements and lapse of statutes of limitations	(0.2)	—	0.3
Valuation allowance on equity method investment	(0.7)	0.6	—
Other valuation allowances, tax rate changes, & deferred adjustments	0.8	(0.6)	(1.7)

Non-deductible transaction costs	(0.8)	0.5	0.1
Net excess benefits or expense on share-based payments	(0.1)	(0.3)	(0.2)
Non-taxable Merger termination fee	(1.3)	—	—
Other, net	0.5	0.4	—
Effective tax rate	21.5%	24.3%	22.1%

Schedule of Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets were composed of the following as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Deferred tax liabilities
Accelerated amortization of deductible intangibles	$	561,741	$	540,260
Accelerated depreciation	65,247		67,278
Right-of-use assets for operating leases	18,361		19,467
Other	4,024		4,183
Total deferred tax liabilities	649,373		631,188
Deferred tax assets
Accrued compensation costs	22,450		23,439
Pension and post-retirement medical and life	18,839		20,775
Loss carryforwards	16,435		12,537
Operating lease liabilities	19,443		20,403
Other	18,988		24,242
Total deferred tax assets	96,155		101,396
Deferred tax asset valuation allowance	25,001		26,339
Total net deferred tax liabilities	$	578,219	$	556,131

The following table summarizes the activity related to deferred tax asset valuation allowances (in thousands):


	2023		2022		2021
Beginning at beginning of period	$	26,339	$	41,929	$	43,467
Additions to valuation allowance	5,001		7,228		6,108
Reductions to valuation allowance	(6,339)		(22,818)		(7,646)
Balance at the end of the period	$	25,001	$	26,339	$	41,929

Schedule of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions (in thousands):



	2023		2022		2021
Change in unrecognized tax benefits
Balance at beginning of year	$	7,725	$	8,196	$	7,435
Additions for tax positions of prior years	151		—		1,363
Reductions for tax positions of prior years	(680)		—		—
Settlements	—		(9)		—
Reductions due to lapse of statutes of limitations	(551)		(462)		(602)
Balance as of end of year	$	6,645	$	7,725	$	8,196

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock
Beginning balance at Dec. 31, 2020	$ 14,933
Redeemable noncontrolling interest
Net income	1,242
Adjustment of redeemable noncontrolling interest to redemption value	(46)
Ending balance at Dec. 31, 2021	16,129
Beginning Balance at Dec. 31, 2020	2,058,095	$ 324,419	$ 113,267	$ 7,075,640	$ (121,076)	$ (5,334,155)
TEGNA Inc. Shareholders’ Equity
Net income	476,955			476,955
Other comprehensive income (loss), net of tax	23,860				23,860
Total comprehensive income	500,815
Dividends declared	(78,466)			(78,466)
Company stock 401(k) match contributions	17,142		(32,777)	(14,795)		64,714
Stock-based awards activity	(10,613)		(85,436)			74,823
Employee awards stock-based compensation	31,515		31,515
Adjustment of redeemable noncontrolling interest to redemption value	46			46
Other activity	1,372		1,372
Ending Balance at Dec. 31, 2021	2,519,906	324,419	27,941	7,459,380	(97,216)	(5,194,618)
Redeemable noncontrolling interest
Net income	729
Adjustment of redeemable noncontrolling interest to redemption value	560
Ending balance at Dec. 31, 2022	17,418
TEGNA Inc. Shareholders’ Equity
Net income	630,469			630,469
Other comprehensive income (loss), net of tax	(28,317)				(28,317)
Total comprehensive income	602,152
Dividends declared	(84,756)			(84,756)
Company stock 401(k) match contributions	18,661		(19,494)	(22,975)		61,130
Stock-based awards activity	(15,471)		(12,296)	(83,503)		80,328
Employee awards stock-based compensation	30,481		30,481
Adjustment of redeemable noncontrolling interest to redemption value	(560)			(560)
Other activity	1,309		1,309
Ending Balance at Dec. 31, 2022	3,071,722	324,419	27,941	7,898,055	(125,533)	(5,053,160)
Redeemable noncontrolling interest
Net income	(377)
Adjustment of redeemable noncontrolling interest to redemption value	1,771
Ending balance at Dec. 31, 2023	18,812
TEGNA Inc. Shareholders’ Equity
Net income	476,724			476,724
Other comprehensive income (loss), net of tax	5,923				5,923
Total comprehensive income	482,647
Dividends declared	(83,534)			(83,534)
Company stock 401(k) match contributions	18,629		(23,029)	(32,008)		73,666
Stock-based awards activity	(13,457)		(5,959)	(89,010)		81,512
Employee awards stock-based compensation	24,497		24,497
Repurchase of Common Stock	(795,048)		3,304	(77,211)		(721,141)
Adjustment of redeemable noncontrolling interest to redemption value	(1,771)			(1,771)
Other activity	1,187		1,187
Ending Balance at Dec. 31, 2023	$ 2,704,872	$ 324,419	$ 27,941	$ 8,091,245	$ (119,610)	$ (5,619,123)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2,845	$ 3,697
Accumulated amortization	$ 289,949	$ 348,087
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	800,000,000	800,000,000
Common stock, issued (in shares)	324,418,632	324,418,632
Treasury stock (in shares)	144,502,338	100,970,426

Retirement plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Pension Costs

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):


	2023		2022		2021
Service cost-benefits earned during the period	$	—	$	—	$	2
Interest cost on benefit obligation	24,183		16,830		15,887
Expected return on plan assets	(20,940)		(19,502)		(34,679)
Amortization of prior service cost	90		90		90
Amortization of actuarial loss	6,059		4,583		4,952
Pension payment timing related charge	—		300		946
Expense for (income from) company-sponsored retirement plans	$	9,392	$	2,301	$	(12,802)

Schedule of Changes in Projected Benefit Obligations

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands).


	Dec. 31,
	2023		2022
Change in benefit obligations
Benefit obligations as of beginning of year	$	464,309	$	605,834
Interest cost	24,183		16,830
Actuarial loss (gain)	9,443		(119,462)
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Benefit obligations as of end of year	$	462,466	$	464,309
Change in plan assets
Fair value of plan assets as of beginning of year	$	385,005	$	541,758
Actual gains (losses) experienced by plan assets	32,739		(123,648)
Employer contributions	3,833		5,788
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Fair value of plan assets as of end of year	$	386,108	$	385,005
Funded status as of end of year	$	(76,358)	$	(79,304)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(5,875)	$	(5,620)
Pension liabilities—non-current	$	(70,483)	$	(73,684)
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.

Schedule of Net Funded Status

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2023, is as follows (in thousands):


	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	386,108	$	415,041	$	(28,933)
SERP (1)	—		47,128		(47,128)
All other	—		297		(297)
Total	$	386,108	$	462,466	$	(76,358)

(1) The SERP is an unfunded, unsecured liability.

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):


	Dec. 31,
	2023		2022
Accumulated benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):


	Dec. 31,
	2023		2022
Projected benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

Schedule of Net Periodic Benefit Cost Not Yet Recognized

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):


	Dec. 31,
	2023		2022
Net actuarial losses	$	(159,086)	$	(167,502)
Prior service cost	(1,436)		(1,526)
Amounts in accumulated other comprehensive loss	$	(160,522)	$	(169,028)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):


	2023		2022		2021
Current year net actuarial (loss) gain	$	2,356	$	(23,688)	$	4,463
Amortization of actuarial loss	6,059		4,583		4,952
Amortization of previously deferred prior service costs	90		90		90
Pension payment timing related charges	—		300		946
Total	$	8,505	$	(18,715)	$	10,451

Schedule of Assumptions Used

Pension costs: The following assumptions were used to determine net pension costs:


	2023	2022	2021
Discount rate	5.50%	2.89%	2.54%
Expected return on plan assets	5.75%	3.75%	6.50%

Schedule of Assumptions Used in Calculating Pension Benefit Obligations Table

The following assumptions were used to determine the year-end benefit obligations:


	Dec. 31,
	2023	2022
Discount rate	5.20%	5.50%

Schedule of Allocation of Plan Assets

The asset allocation for the TRP as of the end of 2023 and 2022, and target allocations for 2024, by asset category, are presented in the table below:


Target Allocation			Actual allocation of Plan Assets
	2024		2023		2022
Equity securities	14	%	17	%	14	%
Debt securities	86	%	83	%	86	%

Total	100	%	100	%	100	%

Schedule of Expected Benefit Payments

We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):


2024	$	50,756
2025	40,329
2026	39,644
2027	39,071
2028	38,620
2029 through 2033	$	173,387

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (in dollars per share)	$ 0.42	$ 0.38	$ 0.35

Leases - Schedule of Lessee, Operating Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Right-of-use assets for operating leases	$ 73,479	$ 78,448
Liabilities
Operating lease liabilities (current)	11,912	11,491
Operating lease liabilities (non-current)	73,733	79,503
Total operating lease liabilities	$ 85,645	$ 90,994
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other	Other

Retirement plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement plans

We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure tables presented below primarily include the assets and obligations of the TRP and the TEGNA Supplemental Retirement Plan (SERP). We use a December 31 measurement date convention for our retirement plans.

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):


	2023		2022		2021
Service cost-benefits earned during the period	$	—	$	—	$	2
Interest cost on benefit obligation	24,183		16,830		15,887
Expected return on plan assets	(20,940)		(19,502)		(34,679)
Amortization of prior service cost	90		90		90
Amortization of actuarial loss	6,059		4,583		4,952
Pension payment timing related charge	—		300		946
Expense for (income from) company-sponsored retirement plans	$	9,392	$	2,301	$	(12,802)

Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in the past years and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income.


	Dec. 31,
	2023		2022
Change in benefit obligations
Benefit obligations as of beginning of year	$	464,309	$	605,834
Interest cost	24,183		16,830
Actuarial loss (gain)	9,443		(119,462)
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Benefit obligations as of end of year	$	462,466	$	464,309
Change in plan assets
Fair value of plan assets as of beginning of year	$	385,005	$	541,758
Actual gains (losses) experienced by plan assets	32,739		(123,648)
Employer contributions	3,833		5,788
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Fair value of plan assets as of end of year	$	386,108	$	385,005
Funded status as of end of year	$	(76,358)	$	(79,304)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(5,875)	$	(5,620)
Pension liabilities—non-current	$	(70,483)	$	(73,684)
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.

The actuarial loss in 2023 of $9.4 million was primarily due to a decrease in the discount rate used to calculate the benefit obligations (which decreased from 5.50% at December 31, 2022 to 5.20% as of December 31, 2023) which resulted in an actuarial loss of $10.9 million.

The actuarial gain in 2022 of $119.5 million was primarily due to an increase in the discount rate used to calculate the benefit obligations (which increased from 2.89% at December 31, 2021 to 5.50% as of December 31, 2022) which resulted in an actuarial gain of $120.1 million.

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2023, is as follows (in thousands):


	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	386,108	$	415,041	$	(28,933)
SERP (1)	—		47,128		(47,128)
All other	—		297		(297)
Total	$	386,108	$	462,466	$	(76,358)

(1) The SERP is an unfunded, unsecured liability.

No contributions to the TRP were required nor made in 2022 and 2023. We made payments to participants of unfunded pension plans, principally the SERP, of $3.8 million in 2023. We expect to make contributions of $6.9 million to the TRP and $5.8 million are expected to be made to our SERP participants in 2024.

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):


	Dec. 31,
	2023		2022
Accumulated benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):


	Dec. 31,
	2023		2022
Projected benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):


	Dec. 31,
	2023		2022
Net actuarial losses	$	(159,086)	$	(167,502)
Prior service cost	(1,436)		(1,526)
Amounts in accumulated other comprehensive loss	$	(160,522)	$	(169,028)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):


	2023		2022		2021
Current year net actuarial (loss) gain	$	2,356	$	(23,688)	$	4,463
Amortization of actuarial loss	6,059		4,583		4,952
Amortization of previously deferred prior service costs	90		90		90
Pension payment timing related charges	—		300		946
Total	$	8,505	$	(18,715)	$	10,451

Pension costs: The following assumptions were used to determine net pension costs:


	2023	2022	2021
Discount rate	5.50%	2.89%	2.54%
Expected return on plan assets	5.75%	3.75%	6.50%

The expected return on plan assets assumption was determined based on plan asset allocations, a review of historical capital market performance, historical plan asset performance and a forecast of expected future plan asset returns.

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:


	Dec. 31,
	2023	2022
Discount rate	5.20%	5.50%

Plan assets: The asset allocation for the TRP as of the end of 2023 and 2022, and target allocations for 2024, by asset category, are presented in the table below:


Target Allocation			Actual allocation of Plan Assets
	2024		2023		2022
Equity securities	14	%	17	%	14	%
Debt securities	86	%	83	%	86	%

Total	100	%	100	%	100	%

The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension benefits. Consistent with standards for preservation of capital and maintenance of liquidity, the goal is to earn the highest possible total rate of return while minimizing risk. The principal means of reducing volatility and exercising prudent investment judgment is diversification by asset class and by investment manager; consequently, portfolios are constructed to attain diversification in the total portfolio, and each asset class. Investment diversification is consistent with the intent to minimize the risk of large losses. All objectives are based upon an investment horizon spanning five years so that interim market fluctuations can be viewed with the appropriate perspective. Risk characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the investment objectives and the investment managers. The target asset allocation represents the long-term perspective. Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Target asset allocations are based on the funded status of the TRP (fair value of pension assets as a percentage of the projected pension obligation). During 2023, the target allocation was 14% for equity securities and 86% for debt securities. In early 2022, we switched our investment portfolio from being mostly actively managed to a passive (or indexed) investment strategy. Our actual investment return on our TRP assets was 10.0% for 2023, (23.0)% for 2022 and 4.5% for 2021.

Cash flows: We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):


2024	$	50,756
2025	40,329
2026	39,644
2027	39,071
2028	38,620
2029 through 2033	$	173,387

401(k) savings plan

Substantially all our employees (other than those covered by a collective bargaining agreement) are eligible to participate in our principal defined contribution plan, the TEGNA 401(k) Savings Plan. Employees can elect to contribute up to 50% of their compensation to the plan subject to certain limits.

For most participants, the plan’s 2023 matching formula is 100% of the first 4% of compensation that an employee contributes. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $18.6 million in 2023, $18.7 million in 2022 and $17.1 million in 2021. During 2023, 2022 and 2021, we settled the 401(k) employer match obligation by issuing our common stock from treasury stock and depositing it in the participants’ accounts.

Multi-employer plan

We contribute to the AFTRA Retirement Plan (AFTRA Plan), a multi-employer defined benefit pension plan, under the terms of collective-bargaining agreements (CBA) that cover certain union-represented employees. The Employee Identification Number (EIN) and three-digit plan number of the AFTRA Plan is 13-6414972/001.

The AFTRA Plan reports for plan year (December 1, 2021 to November 30, 2022) that the AFTRA Plan was neither in endangered, critical, or critical and declining status in the Plan Year (e.g. 82% funded). A financial improvement plan or a rehabilitation plan is neither pending nor has one been implemented for the AFTRA Plan.

We make all required contributions to the AFTRA plan as determined under the respective CBAs. We contributed $2.8 million in 2023, $2.7 million in 2022 and $2.9 million in 2021. Our contribution to the AFTRA Retirement Plan represented less than 5% of total contributions to the plan. This calculation is based on the plan financial statements issued for the period ending November 30, 2022.

Expiration dates of the SAG-AFTRA CBAs in place range from January 26, 2024 to December 19, 2026. The AFTRA Plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.

We incurred no expenses for multi-employer withdrawal liabilities for the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lessee, Operating Leases, Assets and Liabilities

The following table presents lease related assets and liabilities on the Consolidated Balance Sheets as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Assets
Right-of-use assets for operating leases	$	73,479	$	78,448

Liabilities
Operating lease liabilities (current)1	$	11,912	$	11,491
Operating lease liabilities (non-current)	73,733		79,503
Total operating lease liabilities	$	85,645	$	90,994

(1) Current operating lease liabilities are included within the other accrued liabilities line item of the Consolidated Balance Sheets.

Schedule of Future Rent Payments on Lease Liabilities

The table below reconciles future lease payments for each of the next five years and remaining years thereafter, in aggregate, to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2023 (in thousands):


Future Period	Cash Payments
2024	$	16,516
2025	15,048
2026	13,112
2027	12,831
2028	12,523
Thereafter	36,009
Total lease payments	106,039
Less: amount of lease payments representing interest	20,394
Present value of lease liabilities	$	85,645

Asset impairment and other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Asset impairment charges		$ 3,359	$ (323)	$ (2,307)
Reimbursement from spectrum repacking		0	323	4,942
Property and equipment impairments		0	0	1,095
Contract termination and other costs related to national sales		0	0	1,540
Programming rights impairment	$ 3,400	$ 3,359	$ 0	$ 0

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,910,930	$ 3,279,245	$ 2,991,093
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	1,527,563	1,530,402	1,466,433
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	1,289,903	1,363,417	1,428,082
Political
Disaggregation of Revenue [Line Items]
Total revenues	45,800	341,110	60,573
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 47,664	$ 44,316	$ 36,005

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Subsequent Events (Details) $ in Millions	Feb. 08, 2024 USD ($)
Subsequent Event \| Broadcast Music Inc
Subsequent Event [Line Items]
Proceeds from sale of equity method investment	$ 152.9

Shareholders' equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' equity

Shareholders’ equity

As of December 31, 2023, and 2022, our authorized capital was comprised of 800 million shares of common stock and 2 million shares of preferred stock. As of December 31, 2023, shareholders’ equity of TEGNA included 179.9 million shares that were outstanding (net of 144.5 million shares of common stock held in treasury). As of December 31, 2022, shareholders’ equity of TEGNA included 223.4 million shares that were outstanding (net of 101.0 million shares of common stock held in treasury). No shares of preferred stock were issued and outstanding as of December 31, 2023 or 2022.

Capital stock and earnings per share

We report earnings per share on two bases, basic and diluted. All basic earnings per share amounts are based on the weighted average number of common shares outstanding during the year. The calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share awards.

Our earnings per share (basic and diluted) for 2023, 2022, and 2021 are presented below (in thousands, except per share amounts):


	2023		2022		2021
Net income	$	476,347	$	631,198	$	478,197
Net loss (income) attributable to noncontrolling interest	377		(729)		(1,242)
Adjustment of redeemable noncontrolling interest to redemption value	(1,771)		(560)		46
Earnings available to common shareholders	$	474,953	$	629,909	$	477,001

Weighted average number of common shares outstanding - basic	207,594		223,652		221,504
Effect of dilutive securities
Restricted stock units	220		535		736
Performance share awards	133		299		230
Stock options	—		—		1
Weighted average number of common shares outstanding - diluted	207,947		224,486		222,471

Earnings per share - basic	$	2.29	$	2.82	$	2.15

Earnings per share - diluted	$	2.28	$	2.81	$	2.14

Share repurchase program

In December 2020, our Board of Directors authorized the renewal of our share repurchase program for up to $300.0 million of our common stock, which expired on December 31, 2023. The now terminated Merger Agreement did not permit us to repurchase our common stock. As a result, we suspended share repurchases under this program in February 2022 upon entering into the Merger Agreement and subsequently resumed it after the Merger Agreement was terminated in 2023. In total, 1.7 million shares were repurchased under this program at an average share price of $15.96, for an aggregate cost of $27.9 million. We did not repurchase any shares under the program in 2022 or 2021.

On June 2, 2023, we entered into our first accelerated share repurchase program (the first ASR) with JPMorgan Chase Bank, National Association (JPMorgan). Under the terms of the first ASR, we repurchased $300 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 15.2 million shares received on June 6, 2023, representing 80% ($240 million) of the value of the first ASR contract. The first ASR program was completed during the third quarter of 2023 at which time JPMorgan delivered an additional 3.1 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the first ASR program, less a discount, less the previously delivered 15.2 million shares.

On November 9, 2023, we entered into a second accelerated share repurchase (the second ASR) program with JPMorgan. Under the terms of the ASR, we repurchased $325 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 17.3 million shares received on November 13, 2023, representing 80% ($260 million) of the value of the second ASR contract. The second ASR program was completed in February 2024, at which time JPMorgan delivered an additional 4.0 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the second ASR program, less a discount, less the previously delivered 17.3 million shares.

In December 2023, our Board of Directors authorized a new share repurchase program for up to $650.0 million of our common stock through December 31, 2025.

Employee Awards Stock-Based Compensation Plans

In May 2001, our shareholders approved the adoption of the 2001 Omnibus Incentive Compensation Plan. This plan was amended and restated as of May 4, 2010, to increase the number of shares reserved for issuance to 60.0 million shares of our common stock. In April 2020, our shareholders approved the adoption of the 2020 Omnibus Incentive Compensation Plan (the Plan). The Plan reserved the issuance of an additional 20.0 million shares or our common stock. The Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance share units, performance share awards, and other equity-based and cash-based awards. Awards may be granted to our employees and members of the Board of Directors. The Plan provides that shares of common stock subject to awards granted become available again for issuance if such awards are canceled or forfeited.

Performance share program - The Leadership Development and Compensation Committee (LDCC) of the Board of Directors has established a long-term incentive performance share program for our executives under the Plan. The number of shares earned under the performance share awards (PSAs) program is determined based on the achievement of certain financial performance criteria (adjusted EBITDA and free cash flow as a percent of revenue as defined by the PSA agreement) over a two-year cumulative financial performance period. If the financial performance criteria are met and certified by the LDCC, the shares earned under the PSA will be subject to an additional one year service period before the common stock is released to the employees. The PSAs do not pay dividends or allow voting rights during the three-year incentive period. Therefore, the fair value of the PSA is the quoted market value of our stock on the grant date less the present value of the expected dividends not received during the relevant performance period. The PSA provides the LDCC with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. For expense recognition, in the period it becomes probable that the minimum performance criteria specified in the PSA will be achieved, we recognize expense, net of estimated forfeitures, for the proportionate share of the total fair value of the shares subject to the PSA related to the vesting period that has already lapsed. Each reporting period during the two-year performance period, we adjust the fair value of the PSAs to the quoted market value of our stock price. In the event we determine it is no longer probable that we will achieve the minimum performance criteria specified in the PSA, we reverse all of the previously recognized compensation expense in the period such a determination is made.

RSU program - We also issue stock-based compensation to eligible employees in the form of RSUs. These awards generally entitle employees to receive at the end of a specified vesting period one share of common stock for each RSU granted, conditioned on continued employment for the relevant vesting period. In most cases, RSUs vest 25% per year and settle annually. RSUs do not pay dividends or confer voting rights in respect of the underlying common stock during the vesting period. RSUs are valued based on the fair value of our common stock on the date of grant less the present value of the expected dividends not received during the relevant vesting period. The fair value of the RSU, less estimated forfeitures, is recognized as compensation expense ratably over the vesting period.

We generally grant both RSUs and performance share awards annually to eligible employees on or about March 1.

Employee Awards Stock-based Compensation Expense: The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards (in thousands):


	2023		2022		2021
RSUs	$	20,931	$	16,182	$	12,806
PSAs	3,566		14,299		18,709
Total employee awards stock-based compensation	24,497		30,481		31,515
Total income tax benefit	9,072		10,744		8,082
Employee awards stock-based compensation net of tax	$	15,425	$	19,737	$	23,433

RSUs: As of December 31, 2023, there was $35.3 million of unrecognized compensation cost related to non-vested restricted stock and RSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized on a straight-line basis over a weighted average period of 2.1 years. A summary for the RSUs activity is presented below:


	2023			2022			2021
RSU	Shares	Weighted average fair value		Shares	Weighted average fair value		Shares	Weighted average fair value
Unvested at beginning of year	2,543,732	$	17.80	2,842,288	$	15.11	2,614,654	$	13.09
Granted	2,289,278	16.09		949,022	21.90		1,282,636	17.83
Vested	(1,122,923)	16.41		(1,118,395)	14.62		(899,282)	13.21
Canceled	(244,707)	17.78		(129,183)	16.39		(155,720)	14.56
Unvested at end of year	3,465,380	$	17.12	2,543,732	$	17.80	2,842,288	$	15.11

PSAs: As of December 31, 2023, there was $5.3 million of unrecognized compensation cost related to non-vested PSAs (holding valuation inputs as of December 31, 2023 constant). This amount will be recognized as expense over a weighted average period of 1.9 years. A summary for the PSAs activity is presented below:


	2023			2022			2021
PSA	Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value
Unvested at beginning of year	986,104	$	18.18	1,015,433	$	15.04	1,142,879	$	12.87
Granted	642,413	16.33		484,781	21.80		553,090	17.48
Vested	(564,159)	16.21		(503,844)	15.26		(646,635)	13.22
Canceled	(116,337)	18.25		(10,266)	17.09		(33,901)	14.20
Unvested at end of year	948,021	$	18.16	986,104	$	18.18	1,015,433	$	15.04

Accumulated other comprehensive loss

The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities, foreign currency translation and an unrealized gain on our available-for-sale investment. The following tables summarize the components of, and changes in AOCL, net of tax (in thousands):


2023	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(126,065)	$	532	$	(125,533)
Other comprehensive income before reclassifications	1,769		—		1,769
Amounts reclassified from AOCL	4,154		—		4,154


Balance at end of year	$	(120,142)	$	532	$	(119,610)


2022	Retirement Plans		Foreign Currency Translation (1)		Available-For-Sale Investment		Total
Balance at beginning of year	$	(113,090)	$	455	$	15,419	$	(97,216)
Other comprehensive loss before reclassifications	(16,288)		77		—		(16,211)
Amounts reclassified from AOCL	3,313		—		(15,419)		(12,106)


Balance at end of year	$	(126,065)	$	532	$	—	$	(125,533)


2021	Retirement Plans		Foreign Currency Translation (1)		Available-For- Sale Investment		Total
Balance at beginning of year	$	(120,979)	$	(97)	$	—	$	(121,076)
Other comprehensive income before reclassifications	3,316		552		15,419		19,287
Amounts reclassified from AOCL	4,573		—		—		4,573

Balance at end of year	$	(113,090)	$	455	$	15,419	$	(97,216)

(1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. We previously recorded our share of foreign currency translation adjustments through our equity method investment, however, accounting for this investment has been suspended as its carrying value has declined to $0.

AOCL components are included in the computation of net periodic post-retirement costs which include pension costs discussed in Note 6 and our other post-retirement benefits (health care and life insurance benefits). Reclassifications out of AOCL related to these post-retirement plans and a realized gain on an available-for-sale investment included the following (in thousands):


	2023		2022		2021
Amortization of prior service credit	$	(464)	$	(481)	$	(481)
Amortization of actuarial loss	6,054		4,639		5,698
Pension payment timing related charges	—		300		946
Realized gain on available-for-sale investment	—		(20,800)		—
Total reclassifications, before tax	5,590		(16,342)		6,163
Income tax effect	(1,436)		4,236		(1,590)
Total reclassifications, net of tax	$	4,154	$	(12,106)	$	4,573

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term debt

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2023		2022


Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000	$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,090,000		3,090,000
Debt issuance costs	(22,226)		(26,911)
Unamortized premiums and discounts, net	5,027		6,227
Total long-term debt	$	3,072,801	$	3,069,316

Schedule of Annual Maturities of Long-Term Debt

The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2023
2024	$	—
2025	—
2026	550,000
2027	440,000
2028	1,000,000
Thereafter	1,100,000
Total	$	3,090,000

Fair value measurement - Schedule of Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	$ 386,108
Retirement Plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	386,108	$ 385,005	$ 541,758
Retirement Plans \| Cash and other \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	87
Retirement Plans \| Cash and other \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	87
Retirement Plans \| Cash and other \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0
Retirement Plans \| Cash and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0
Retirement Plans \| Common collective trust - equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets		54,917
Retirement Plans \| Common collective trust - equities \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	67,314
Retirement Plans \| Common collective trust - fixed income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets		329,821
Retirement Plans \| Common collective trust - fixed income \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	318,594
Retirement Plans \| Partnership/joint venture interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets		$ 267
Retirement Plans \| Partnership/joint venture interests \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	$ 113

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Revenue earned by categories in 2023, 2022 and 2021 are shown below (amounts in thousands):


	2023		2022		2021
Subscription	$	1,527,563	$	1,530,402	$	1,466,433
Advertising & Marketing Services	1,289,903		1,363,417		1,428,082
Political	45,800		341,110		60,573
Other	47,664		44,316		36,005
Total revenues	$	2,910,930	$	3,279,245	$	2,991,093

Asset impairment and other - Schedule of Facility Consolidation and Asset Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Programming rights impairment	$ 3,400	$ 3,359	$ 0	$ 0
Reimbursement of spectrum repacking		0	(323)	(4,942)
Property and equipment impairments		0	0	1,095
Contract termination and other costs related to national sales		0	0	1,540
Total asset impairment and other		$ 3,359	$ (323)	$ (2,307)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We determine if an arrangement contains a lease at the agreement’s inception. Our portfolio of leases primarily consists of leases for the use of corporate offices, station facilities, equipment and for antenna/transmitter sites. Our lease portfolio consists entirely of operating leases, with most of our leases having remaining terms of less than 15 years. Operating lease balances are included in our right-of-use assets, other accrued liabilities and operating lease liabilities on our Consolidated Balance Sheets.

Lease liabilities are calculated as of the lease commencement date based on the present value of lease payments to be made over the term of the lease. Our lease agreements often contain lease and non-lease components (e.g., common-area maintenance or other executory costs). We include the non-lease payments in the calculation of our lease liabilities to the extent they are either fixed or included within the fixed base rental payments. Some of our leases include variable lease components (e.g., rent increases based on the consumer price index) and variable non-lease components, which are expensed as they are incurred. Such variable costs are not material. The interest rate implicit in our lease contracts is typically not readily determinable. As a result, we use our estimated incremental borrowing rate in determining the present value of future payments, which reflects the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments for a similar term.

The operating lease right-of-use asset as of the lease commencement date is calculated based on the amount of the operating lease liability, less any lease incentive. Some of our lease agreements include options to renew for additional terms or provide us with the ability to terminate the lease early. In determining the term of the lease, we consider whether or not we are reasonably certain to exercise these options. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

The following table presents lease related assets and liabilities on the Consolidated Balance Sheets as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Assets
Right-of-use assets for operating leases	$	73,479	$	78,448

Liabilities
Operating lease liabilities (current)1	$	11,912	$	11,491
Operating lease liabilities (non-current)	73,733		79,503
Total operating lease liabilities	$	85,645	$	90,994

(1) Current operating lease liabilities are included within the other accrued liabilities line item of the Consolidated Balance Sheets.

As of December 31, 2023 and 2022, the weighted-average remaining lease term for our lease portfolio was 7.6 and 8.4 years, respectively, and the weighted average discount rate used to calculate the present value of our lease liabilities was 5.2% and 5.0%, respectively.

For the years ended December 31, 2023, 2022 and 2021, we recognized lease expense of $16.2 million, $16.7 million, and $17.8 million respectively. In addition, in 2023, 2022 and 2021, we made cash payments for operating leases of $17.1 million, $17.6 million and $18.5 million, respectively, which are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.


Future Period	Cash Payments
2024	$	16,516
2025	15,048
2026	13,112
2027	12,831
2028	12,523
Thereafter	36,009
Total lease payments	106,039
Less: amount of lease payments representing interest	20,394
Present value of lease liabilities	$	85,645

Income taxes - Schedule of Provision (Benefit) for Income Taxes on Income Consists (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 96,816	$ 161,438	$ 114,255
State and other	13,646	23,456	11,310
Total	110,462	184,894	125,565
Deferred
Federal	14,240	13,435	15,400
State and other	5,497	4,041	(5,484)
Total	19,737	17,476	9,916
Total
Federal	111,056	174,873	129,655
State and other	19,143	27,497	5,826
Total	$ 130,199	$ 202,370	$ 135,481

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 476,347	$ 631,198	$ 478,197
Other comprehensive income (loss) before tax:
Foreign currency translation adjustments	0	142	743
Pension and other post-retirement benefit items:
Recognition of previously deferred post-retirement benefit plan costs	5,590	4,158	5,217
Actuarial gain (loss) arising during the period	2,387	(21,892)	4,463
Pension payment timing related charge	0	300	946
Pension and other postretirement benefit items	7,977	(17,434)	10,626
Realized gain on available-for-sale investment during the period	0	(20,800)	0
Unrealized gain on available-for-sale investment during the period	0	0	20,800
Other comprehensive income (loss), before tax	7,977	(38,092)	32,169
Income tax effect related to components of other comprehensive income (loss)	(2,054)	9,775	(8,309)
Other comprehensive income (loss), net of tax	5,923	(28,317)	23,860
Comprehensive income	482,270	602,881	502,057
Comprehensive loss (income) attributable to redeemable non-controlling interest	377	(729)	(1,242)
Total comprehensive income	$ 482,647	$ 602,152	$ 500,815

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Revenues

$ 2,910,930

$ 3,279,245

$ 2,991,093

Operating expenses:

Cost of revenues

^[1]

1,718,857

1,693,221

1,598,759

Business units - Selling, general and administrative expenses

412,000

414,530

396,446

Corporate - General and administrative expenses

65,933

60,108

68,127

Depreciation

59,769

61,195

64,841

Amortization of intangible assets

53,467

59,882

63,011

Asset impairment and other (see Note 10)

3,359

(323)

(2,307)

Merger termination fee

(136,000)

Total

2,177,385

2,288,613

2,188,877

Operating income

733,545

990,632

802,216

Non-operating (expense) income:

Equity loss in unconsolidated investments, net

(877)

(4,473)

(9,713)

Interest expense

(172,904)

(174,022)

(185,650)

Interest income

29,292

6,922

Other non-operating items, net

17,490

14,509

6,823

Total

(126,999)

(157,064)

(188,538)

Income before income taxes

606,546

833,568

613,678

Provision for income taxes

130,199

202,370

135,481

Net Income

476,347

631,198

478,197

Net loss (income) attributable to redeemable noncontrolling interest

377

(729)

(1,242)

Net income attributable to TEGNA Inc.

$ 476,724

$ 630,469

$ 476,955

Earnings per share - basic (in dollars per share)

$ 2.29

$ 2.82

$ 2.15

Earnings per share - diluted (in dollars per share)

$ 2.28

$ 2.81

$ 2.14

Weighted average number of common shares outstanding:

Basic (in shares)

207,594

223,652

221,504

Diluted (in shares)

207,947

224,486

222,471

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Retirement plans - Schedule of Net Funded Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	$ 386,108
Benefit Obligation	462,466
Funded Status	(76,358)
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	386,108	$ 385,005	$ 541,758
Benefit Obligation	462,466	464,309	$ 605,834
Funded Status	(76,358)	$ (79,304)
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	0
Benefit Obligation	47,128
Funded Status	(47,128)
All other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	0
Benefit Obligation	297
Funded Status	(297)
TRP \| Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	386,108
Benefit Obligation	415,041
Funded Status	$ (28,933)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 361,036	$ 551,681
Accounts receivable, net of allowances of $2,845 and $3,697, respectively	624,445	658,318
Other receivables	9,299	13,493
Syndicated programming rights	31,530	44,064
Prepaid expenses and other current assets	24,008	36,152
Total current assets	1,050,318	1,303,708
Property and equipment
Land	86,442	86,447
Buildings and improvements	352,546	346,341
Equipment, furniture and fixtures	631,444	625,754
Construction in progress	7,777	8,649
Total	1,078,209	1,067,191
Less accumulated depreciation	(626,029)	(610,138)
Net property and equipment	452,180	457,053
Intangible and other assets
Goodwill	2,981,587	2,981,587
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $289,949 and $348,087, respectively	2,328,972	2,381,606
Right-of-use assets for operating leases	73,479	78,448
Investments and other assets	113,521	126,494
Total intangible and other assets	5,497,559	5,568,135
Total assets	7,000,057	7,328,896
Current liabilities
Accounts payable	114,950	76,212
Accrued liabilities
Compensation	54,929	50,339
Interest	45,144	45,480
Contracts payable for programming rights	119,562	117,743
Other	82,782	78,265
Income taxes payable	6,005	22,985
Total current liabilities	423,372	391,024
Noncurrent liabilities
Net deferred income tax liabilities	578,219	556,131
Long-term debt	3,072,801	3,069,316
Pension liabilities	70,483	73,684
Operating lease liabilities	73,733	79,503
Other noncurrent liabilities	57,765	70,098
Total noncurrent liabilities	3,853,001	3,848,732
Total liabilities	4,276,373	4,239,756
Commitments and contingent liabilities (see Note 11)
Redeemable noncontrolling interest (see Note 1)	18,812	17,418
Shareholders’ equity
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued	324,419	324,419
Additional paid-in capital	27,941	27,941
Retained earnings	8,091,245	7,898,055
Accumulated other comprehensive loss	(119,610)	(125,533)
Less treasury stock at cost, 144,502,338 shares and 100,970,426 shares, respectively	(5,619,123)	(5,053,160)
Total equity	2,704,872	3,071,722
Total liabilities, redeemable noncontrolling interest and equity	$ 7,000,057	$ 7,328,896

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

The provision (benefit) for income taxes consists of the following (in thousands):



2023	Current		Deferred		Total
Federal	$	96,816	$	14,240	$	111,056
State and other	13,646		5,497		19,143
Total	$	110,462	$	19,737	$	130,199



2022	Current		Deferred		Total
Federal	$	161,438	$	13,435	$	174,873
State and other	23,456		4,041		27,497
Total	$	184,894	$	17,476	$	202,370



2021	Current		Deferred		Total
Federal	$	114,255	$	15,400	$	129,655
State and other	11,310		(5,484)		5,826
Total	$	125,565	$	9,916	$	135,481

Income before income taxes attributable to TEGNA Inc. consists entirely of domestic income.

The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences:


	2023	2022	2021
U.S. statutory tax rate	21.0%	21.0%	21.0%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.3	2.7	2.6
Uncertain tax positions, settlements and lapse of statutes of limitations	(0.2)	—	0.3
Valuation allowance on equity method investment	(0.7)	0.6	—
Other valuation allowances, tax rate changes, & deferred adjustments	0.8	(0.6)	(1.7)

Non-deductible transaction costs	(0.8)	0.5	0.1
Net excess benefits or expense on share-based payments	(0.1)	(0.3)	(0.2)
Non-taxable Merger termination fee	(1.3)	—	—
Other, net	0.5	0.4	—
Effective tax rate	21.5%	24.3%	22.1%

Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and financial statement purposes. Deferred tax liabilities and assets are adjusted for changes in tax laws or tax rates of the various tax jurisdictions as of the enacted date.

Deferred tax liabilities and assets were composed of the following as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Deferred tax liabilities
Accelerated amortization of deductible intangibles	$	561,741	$	540,260
Accelerated depreciation	65,247		67,278
Right-of-use assets for operating leases	18,361		19,467
Other	4,024		4,183
Total deferred tax liabilities	649,373		631,188
Deferred tax assets
Accrued compensation costs	22,450		23,439
Pension and post-retirement medical and life	18,839		20,775
Loss carryforwards	16,435		12,537
Operating lease liabilities	19,443		20,403
Other	18,988		24,242
Total deferred tax assets	96,155		101,396
Deferred tax asset valuation allowance	25,001		26,339
Total net deferred tax liabilities	$	578,219	$	556,131

As of December 31, 2023, we had approximately $7.2 million of state net operating loss carryovers that, if not utilized, will expire in various amounts beginning in 2024 through 2042 in addition to $3.7 million of federal and $11.3 million of state interest disallowance carryforwards that do not expire.

Included in total deferred tax assets are valuation allowances of approximately $25.0 million as of December 31, 2023, and $26.3 million as of December 31, 2022, primarily related to federal and state interest disallowance carryforwards, minority investments, state net operating loss carryforwards, accrued compensation costs, and state capital loss carryforwards. This $1.3 million change in valuation allowance is primarily due to the release of valuation allowance on a minority investment partially offset by additional valuation allowances on state net operating loss carryforwards and federal and state interest disallowance carryforwards. If, in the future, we believe that it is more likely than not that these deferred tax assets will be realized, the valuation allowances will be reversed in the Consolidated Statements of Income.

Realization of deferred tax assets for which valuation allowances have not been established is dependent upon generating sufficient future taxable income. We expect to realize the benefit of these deferred tax assets through future reversals of our deferred tax liabilities, through the recognition of taxable income in the allowable carryback and carryforward periods, and through implementation of future tax planning strategies. Although realization is not assured, we believe it is more likely than not that all deferred tax assets for which valuation allowances have not been established will be realized.

The following table summarizes the activity related to deferred tax asset valuation allowances (in thousands):


	2023		2022		2021
Beginning at beginning of period	$	26,339	$	41,929	$	43,467
Additions to valuation allowance	5,001		7,228		6,108
Reductions to valuation allowance	(6,339)		(22,818)		(7,646)
Balance at the end of the period	$	25,001	$	26,339	$	41,929

Tax Matters Agreements

Prior to the May 31, 2017, spin-off of the Cars.com business, we entered into a Tax Matters Agreement with Cars.com Inc. that governs each company’s respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. The agreement provides that we will generally indemnify Cars.com against taxes attributable to assets or operations for all tax periods or portions thereof prior to the spin-off date including separately-filed U.S. federal, state, and foreign taxes. Our 2017 tax year is currently under examination by the Internal Revenue Service and the relevant federal statute of limitations remains open until September 30, 2024.

Uncertain Tax Positions

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions (in thousands):



	2023		2022		2021
Change in unrecognized tax benefits
Balance at beginning of year	$	7,725	$	8,196	$	7,435
Additions for tax positions of prior years	151		—		1,363
Reductions for tax positions of prior years	(680)		—		—
Settlements	—		(9)		—
Reductions due to lapse of statutes of limitations	(551)		(462)		(602)
Balance as of end of year	$	6,645	$	7,725	$	8,196

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $5.6 million as of December 31, 2023, and $6.4 million as of December 31, 2022. This amount includes the federal tax benefit of state tax deductions.

We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. We also recognize interest income attributable to overpayment of income taxes and from the reversal of interest expense previously recorded for uncertain tax positions which are subsequently released as a component of income tax expense. We recorded income from interest for uncertain tax positions of $0.3 million in 2023 while recognizing an expense of $0.2 million in 2022 and $0.7 million in 2021. The amount of accrued interest expense and penalties payable related to unrecognized tax benefits was $0.7 million as of December 31, 2023 and $0.9 million as of December 31, 2022.

We file income tax returns in the U.S. and various state jurisdictions. The 2016 through 2023 tax years remain subject to examination by the Internal Revenue Service and state authorities.

It is reasonably possible that the amount of unrecognized benefit with respect to certain of our unrecognized tax positions will increase or decrease within the next 12 months. These changes may be the result of settlement of ongoing audits, lapses of statutes of limitations or other regulatory developments. At this time, we estimate the amount of our gross unrecognized tax positions may decrease by up to approximately $2.6 million within the next 12 months primarily due to lapses of statutes of limitations and settlement of ongoing audits in various jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent events On February 1, 2024, we announced that Premion, LLC has signed an agreement and simultaneously closed on the acquisition of Octillion Media. Octillion is a next-generation demand-side platform focused on Local Connected TV(CTV)/Over-the-Top (OTT) advertising. The acquisition will expand Premion’s capabilities in the growing CTV marketplace by combining Octillion’s technology with Premion’s local CTV/OTT advertising solution. The acquisition is being funded with available cash on hand, which will not have a material impact on TEGNA’s cash or leverage levels. On February 8, 2024 we received $152.9 million of pre-tax cash proceeds upon the completion of the previously-announced sale of Broadcast Music, Inc. to a private equity firm. Proceeds from the sale will be included in the newly announced return of capital to shareholders and/or the pursuit of bolt-on acquisitions.

Fair value measurement - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Fair value measurement - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges		$ 3,359	$ (323)	$ (2,307)
Increase in the fair value of the debt security				20,800
Available-for-sale debt security				23,800
Future funding commitments		700	700
Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		$ 2,930,000	2,950,000
Fair Value Measured at Net Asset Value Per Share \| Defined Benefit Plan, Common Collective Trust \| Retirement Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments held in collective trusts \| investment		5
Fair Value Measured at Net Asset Value Per Share \| Common collective trust - fixed income \| Retirement Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments held in collective trusts \| investment		4
One Investment \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss			2,500
Investment One
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss			$ 2,500
Recorded gains				1,900
Investment One \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss				1,900
Recorded gains				1,900
Different investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss				$ 1,900
MadHive Inc
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
After-tax gain on sale of equity method investment	$ 25,800	$ 25,800

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-6961
Entity Registrant Name	TEGNA INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0442930
Entity Address, Address Line One	8350 Broad Street, Suite 2000
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-5151
City Area Code	(703)
Local Phone Number	873-6600
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TGNA
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,228,576,194
Entity Common Stock, Shares Outstanding		176,106,473
Documents Incorporated by Reference	Information pertaining to Part III of this Form 10-K is incorporated by reference to our 2024 definitive proxy statement. The 2024 definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days of our fiscal year ended December 31, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000039899

Retirement plans - Schedule of Expected Benefit Payments (Details) - Retirement Plans $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	$ 50,756
2025	40,329
2026	39,644
2027	39,071
2028	38,620
2029 through 2033	$ 173,387

Shareholders' equity - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended	12 Months Ended
Shareholders' equity - Narrative (Details) - USD ($)	Nov. 13, 2023	Nov. 09, 2023	Jun. 02, 2023	Feb. 29, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Apr. 30, 2020	May 04, 2010
Stockholders Equity Note [Line Items]
Common stock, authorized (in shares)						800,000,000	800,000,000
Preferred stock, authorized (in shares)						2,000,000	2,000,000
Common stock, outstanding (in shares)						179,900,000	223,400,000
Treasury stock (in shares)						144,502,338	100,970,426
Preferred stock, issued (in shares)						0	0
Preferred stock, outstanding (in shares)						0	0
Equity method investments						$ 16,195,000	$ 17,003,000
CareerBuilder Investment
Stockholders Equity Note [Line Items]
Equity method investments						$ 0
December 2020 Share Repurchase Program
Stockholders Equity Note [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)								$ 300,000,000
Shares repurchased under share repurchase program (in shares)						1,700,000
Shares acquired, average cost per share						$ 15.96
Treasury stock, value, acquired, cost method						$ 27,900,000
Accelerated Share Repurchase Program (ASR)
Stockholders Equity Note [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)		$ 325,000,000	$ 300,000,000
Shares repurchased under share repurchase program (in shares)	17,300,000	17,300,000	15,200,000		3,100,000
Treasury stock, value, acquired, cost method	$ 260,000,000		$ 240,000,000
Stock repurchase program, percent repurchased	80.00%		80.00%
Accelerated Share Repurchase Program (ASR) \| Subsequent Event
Stockholders Equity Note [Line Items]
Shares repurchased under share repurchase program (in shares)				4,000,000
December 2023 Share Repurchase Program
Stockholders Equity Note [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)						$ 650,000,000
Stock options \| Employee
Stockholders Equity Note [Line Items]
Shares reserved for issuance (in shares)									20,000,000	60,000,000
RSU Program \| Employee
Stockholders Equity Note [Line Items]
Number of shares of common stock received for each RSU granted						1
Award vesting percentage						25.00%
RSUs
Stockholders Equity Note [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation						$ 35,300,000
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period						2 years 1 month 6 days
PSAs
Stockholders Equity Note [Line Items]
Award vesting period						2 years
Additional service period						1 year
Incentive period						3 years
Unrecognized compensation cost related to non-vested share-based compensation						$ 5,300,000
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period						1 year 10 months 24 days

Income taxes - Schedule of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities
Accelerated amortization of deductible intangibles	$ 561,741	$ 540,260
Accelerated depreciation	65,247	67,278
Right-of-use assets for operating leases	18,361	19,467
Other	4,024	4,183
Total deferred tax liabilities	649,373	631,188
Deferred tax assets
Accrued compensation costs	22,450	23,439
Pension and post-retirement medical and life	18,839	20,775
Loss carryforwards	16,435	12,537
Operating lease liabilities	19,443	20,403
Other	18,988	24,242
Total deferred tax assets	96,155	101,396
Deferred tax asset valuation allowance	25,001	26,339	$ 41,929	$ 43,467
Total net deferred tax liabilities	$ 578,219	$ 556,131

Other matters - Schedule of Recorded Unconditional Purchase Obligations (Details) - Programming Contracts $ in Thousands	Dec. 31, 2023 USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2024	$ 915,531
2025	911,559
2026	823,846
2027	397,951
2028	385,020
Thereafter	0
Total	$ 3,433,907

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy

The below fair value tables relate to our TRP pension plan assets (in thousands):


Pension Plan Assets
Fair value measurement as of Dec. 31, 2023
	Level 1		Level 2		Level 3		Total





Assets:
Cash	$	87	$	—	$	—	$	87
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							67,314
Common collective trust - fixed income							318,594

Partnership/joint venture interests							113
Total fair value of plan assets							$	386,108

Fair value measurement as of Dec. 31, 2022

Level 1

Level 2

Level 3

Total

Pension plan investments valued using net asset value as a practical expedient:

Common collective trust - equities

54,917

Common collective trust - fixed income

329,821

Partnership/joint venture interests

267

Total fair value of plan assets

385,005

Investments and other assets - Schedule of Investments and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Cash value life insurance	$ 50,865	$ 48,919
Equity method investments	16,195	17,003
Other equity investments	19,526	20,158
Deferred debt issuance costs	0	2,232
Long-term contract assets	9,878	14,135
Other long-term assets	17,057	24,047
Total	$ 113,521	$ 126,494

Income taxes - Schedule of Valuation Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning at beginning of period	$ 26,339	$ 41,929	$ 43,467
Additions to valuation allowance	5,001	7,228	6,108
Reductions to valuation allowance	(6,339)	(22,818)	(7,646)
Balance at the end of the period	$ 25,001	$ 26,339	$ 41,929

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies - Narrative (Details)
shares in Millions

12 Months Ended

Jun. 01, 2023

May 22, 2023

USD ($)

Dec. 31, 2023

USD ($)

station

market

radioStation

segment

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Significant Accounting Policies [Line Items]

Number of television stations | station

Number of markets In which entity operates | market

Merger termination fee

$ 136,000,000

$ 0

Business units - Selling, general and administrative expenses

$ 412,000,000

414,530,000

396,446,000

Number of radio stations | radioStation

Number of operating segments | segment

Number of reportable segments | segment

Write-offs of accounts receivable

$ 2,500,000

3,800,000

1,900,000

Goodwill

$ 2,981,587,000

2,981,587,000

Reporting unit, percentage of fair value in excess of carrying amount

20.00%

Programming expense

$ 53,200,000

68,800,000

70,700,000

Syndicated programming rights

31,530,000

44,064,000

Impairment of indefinite-lived intangible assets

$ 3,400,000

Submission period for customers to submit payments

Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided.

Cost of revenues

^[1]

$ 1,718,857,000

1,693,221,000

1,598,759,000

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Asset impairment charges

Gain on termination of business acquisition

$ 136,000,000

Performance share awards

Significant Accounting Policies [Line Items]

Award vesting period

2 years

Requisite service period

3 years

Restricted stock units

Significant Accounting Policies [Line Items]

Requisite service period

4 years

Investment One

Significant Accounting Policies [Line Items]

Investments

$ 19,500,000

20,200,000

Equity investments, impairment loss

2,500,000

Recorded gains

1,900,000

Investment One | Level 2

Significant Accounting Policies [Line Items]

Equity investments, impairment loss

1,900,000

Recorded gains

1,900,000

Television and radio station FCC broadcast licenses

Significant Accounting Policies [Line Items]

Television and radio station FCC broadcast licenses

2,124,731,000

2,123,898,000

FCC licenses which have experienced limited headroom

Significant Accounting Policies [Line Items]

Television and radio station FCC broadcast licenses

395,900,000

FCC licenses, all other licenses

Significant Accounting Policies [Line Items]

Television and radio station FCC broadcast licenses

$ 1,730,000,000

Minimum | Building and Improvements

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

10 years

Minimum | Machinery, Equipment, and Fixtures

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

3 years

Maximum | Building and Improvements

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

40 years

Maximum | Machinery, Equipment, and Fixtures

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

25 years

Cost of Sales

Significant Accounting Policies [Line Items]

Bad debt expense

$ 1,700,000

3,100,000

(700,000)

Selling, General and Administrative Expenses | Advertising

Significant Accounting Policies [Line Items]

Cost of revenues

$ 10,700,000

$ 9,700,000

$ 9,800,000

Teton Parent Corp

Significant Accounting Policies [Line Items]

Termination fee, paid in shares (in shares) | shares

8.6

Gain on termination of business acquisition

$ 136,000,000

Teton Parent Corp | Termination Fee

Significant Accounting Policies [Line Items]

Business units - Selling, general and administrative expenses

$ 9,900,000

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Long-term debt - Schedule of Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal long-term debt	$ 3,090,000	$ 3,090,000
Debt issuance costs	(22,226)	(26,911)
Unamortized premiums and discounts, net	5,027	6,227
Total long-term debt	$ 3,072,801	3,069,316
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	4.75%
Total principal long-term debt	$ 550,000	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	7.75%
Total principal long-term debt	$ 200,000	200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	7.25%
Total principal long-term debt	$ 240,000	240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	4.625%
Total principal long-term debt	$ 1,000,000	1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	5.00%
Total principal long-term debt	$ 1,100,000	$ 1,100,000

Retirement plans - Schedule of Assumptions Used (Details) - Retirement Plans	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	5.50%	2.89%	2.54%
Expected return on plan assets	5.75%	3.75%	6.50%

Fair value measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value measurement

We measure and record certain assets and liabilities at fair value in the accompanying consolidated financial statements. U.S. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use.

Equity investments in private companies that we do not significantly influence are recorded at cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. In 2022, we recorded a $2.5 million impairment charge due to the decline in the fair value of one of our investments. The fair value was determined using a market approach which was based on significant inputs not observable in the market, and thus represented a Level 3 fair value measurement. In 2021, we recognized a $1.9 million gain on one such investment and a $1.9 million impairment charge on another, which related to fair value changes. These adjustments were a result of observable price changes in their fair values (Level 2).

Additionally, in 2023, we recognized a gain of $25.8 million as a result of the sale of a portion of our MadHive investment. The gain was recorded in “Other non-operating items, net” within our Consolidated Statements of Income. The fair value was based on a transaction price, which was settled in cash, in an inactive market (which is classified as Level 2 in the fair value hierarchy). Also in 2023, we recognized an impairment charge of $3.4 million, in “Asset impairment and other” within our Consolidated Statements of Income, related to certain programming assets. The fair value was determined based on a projection of the estimated revenues less projected direct costs associated with the programming (which is classified as Level 3 in the fair value hierarchy).

In 2021, we recorded an unrealized gain of $20.8 million due to the increase in the fair value of an available-for-sale debt security, which included features that allow us to convert the investment into equity ownership upon the occurrence of certain events. The fair value of the available for sale debt security was determined to be $23.8 million. The valuation utilized a market based fair value approach relying on observable market data (Level 3). The unrealized gain was initially recorded in "Accumulated other comprehensive loss” on the Consolidated Balance Sheets until it was realized in 2022 and recorded as a gain in the Consolidated Statements of Income.

We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values due to the short-term nature of these instruments. The fair value of our total long-term debt, determined based on the bid and ask quotes for the related debt (Level 2), totaled $2.93 billion as of December 31, 2023 and $2.95 billion as of December 31, 2022.

The below fair value tables relate to our TRP pension plan assets (in thousands):


Pension Plan Assets
Fair value measurement as of Dec. 31, 2023
	Level 1		Level 2		Level 3		Total





Assets:
Cash	$	87	$	—	$	—	$	87
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							67,314
Common collective trust - fixed income							318,594

Partnership/joint venture interests							113
Total fair value of plan assets							$	386,108

Fair value measurement as of Dec. 31, 2022

Level 1

Level 2

Level 3

Total

Pension plan investments valued using net asset value as a practical expedient:

Common collective trust - equities

54,917

Common collective trust - fixed income

329,821

Partnership/joint venture interests

267

Total fair value of plan assets

385,005

Valuation methodologies used for TRP pension assets measured at fair value in 2023 and 2022 are as follows:

Interest in common/collective trusts are valued using the net asset value as a practical expedient provided monthly by the investment manager or fund company. As of December 31, 2023, there were primarily five investments in collective trusts of which four are fixed income funds, whose strategy is to use individual subfunds to efficiently add a representative sample of securities in individual market sectors to the portfolio. The remaining collective fund is invested in equity securities. The strategy of the fund is to generate returns predominantly from developed equity markets. The collective funds are generally redeemable with a short-term written or verbal notice. There are no unfunded commitments related to these types of funds.

Investments in partnerships are valued at the net asset value as a practical expedient reported by the fund managers. The Plan held an investment in one partnership in 2023. The partnership’s strategy is to generate returns through real estate-related investments. Certain distributions are received from this fund as the underlying assets are liquidated. Future funding commitments to our real estate partnership investment totaled $0.7 million as of December 31, 2023 and 2022.

Our policy is to recognize transfers between levels at the beginning of the reporting period. There were no transfers between levels during the year.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Earnings (Loss) Per Share (Basic and Diluted)

Our earnings per share (basic and diluted) for 2023, 2022, and 2021 are presented below (in thousands, except per share amounts):


	2023		2022		2021
Net income	$	476,347	$	631,198	$	478,197
Net loss (income) attributable to noncontrolling interest	377		(729)		(1,242)
Adjustment of redeemable noncontrolling interest to redemption value	(1,771)		(560)		46
Earnings available to common shareholders	$	474,953	$	629,909	$	477,001

Weighted average number of common shares outstanding - basic	207,594		223,652		221,504
Effect of dilutive securities
Restricted stock units	220		535		736
Performance share awards	133		299		230
Stock options	—		—		1
Weighted average number of common shares outstanding - diluted	207,947		224,486		222,471

Earnings per share - basic	$	2.29	$	2.82	$	2.15

Earnings per share - diluted	$	2.28	$	2.81	$	2.14

Schedule of Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income for Equity Awards

The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards (in thousands):


	2023		2022		2021
RSUs	$	20,931	$	16,182	$	12,806
PSAs	3,566		14,299		18,709
Total employee awards stock-based compensation	24,497		30,481		31,515
Total income tax benefit	9,072		10,744		8,082
Employee awards stock-based compensation net of tax	$	15,425	$	19,737	$	23,433

Schedule of Restricted Stock and RSU Awards


	2023			2022			2021
RSU	Shares	Weighted average fair value		Shares	Weighted average fair value		Shares	Weighted average fair value
Unvested at beginning of year	2,543,732	$	17.80	2,842,288	$	15.11	2,614,654	$	13.09
Granted	2,289,278	16.09		949,022	21.90		1,282,636	17.83
Vested	(1,122,923)	16.41		(1,118,395)	14.62		(899,282)	13.21
Canceled	(244,707)	17.78		(129,183)	16.39		(155,720)	14.56
Unvested at end of year	3,465,380	$	17.12	2,543,732	$	17.80	2,842,288	$	15.11

Schedule of Nonvested Performance-based Units Activity

A summary for the PSAs activity is presented below:


	2023			2022			2021
PSA	Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value
Unvested at beginning of year	986,104	$	18.18	1,015,433	$	15.04	1,142,879	$	12.87
Granted	642,413	16.33		484,781	21.80		553,090	17.48
Vested	(564,159)	16.21		(503,844)	15.26		(646,635)	13.22
Canceled	(116,337)	18.25		(10,266)	17.09		(33,901)	14.20
Unvested at end of year	948,021	$	18.16	986,104	$	18.18	1,015,433	$	15.04

Schedule of Accumulated Other Comprehensive Loss

The following tables summarize the components of, and changes in AOCL, net of tax (in thousands):


2023	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(126,065)	$	532	$	(125,533)
Other comprehensive income before reclassifications	1,769		—		1,769
Amounts reclassified from AOCL	4,154		—		4,154


Balance at end of year	$	(120,142)	$	532	$	(119,610)


2022	Retirement Plans		Foreign Currency Translation (1)		Available-For-Sale Investment		Total
Balance at beginning of year	$	(113,090)	$	455	$	15,419	$	(97,216)
Other comprehensive loss before reclassifications	(16,288)		77		—		(16,211)
Amounts reclassified from AOCL	3,313		—		(15,419)		(12,106)


Balance at end of year	$	(126,065)	$	532	$	—	$	(125,533)


2021	Retirement Plans		Foreign Currency Translation (1)		Available-For- Sale Investment		Total
Balance at beginning of year	$	(120,979)	$	(97)	$	—	$	(121,076)
Other comprehensive income before reclassifications	3,316		552		15,419		19,287
Amounts reclassified from AOCL	4,573		—		—		4,573

Balance at end of year	$	(113,090)	$	455	$	15,419	$	(97,216)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL related to these post-retirement plans and a realized gain on an available-for-sale investment included the following (in thousands):


	2023		2022		2021
Amortization of prior service credit	$	(464)	$	(481)	$	(481)
Amortization of actuarial loss	6,054		4,639		5,698
Pension payment timing related charges	—		300		946
Realized gain on available-for-sale investment	—		(20,800)		—
Total reclassifications, before tax	5,590		(16,342)		6,163
Income tax effect	(1,436)		4,236		(1,590)
Total reclassifications, net of tax	$	4,154	$	(12,106)	$	4,573

Retirement plans - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 462,466	$ 464,309
Fair value of plan assets	$ 386,108	$ 385,005

Long-term debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2023		2022


Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000	$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,090,000		3,090,000
Debt issuance costs	(22,226)		(26,911)
Unamortized premiums and discounts, net	5,027		6,227
Total long-term debt	$	3,072,801	$	3,069,316

As of December 31, 2023, we had unused borrowing capacity of $1.49 billion under our $1.51 billion revolving credit facility. As of December 31, 2023, we were in compliance with all covenants contained in our debt agreements and credit facility, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.

Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which was previously based on the LIBOR. During the second quarter of 2023, we amended our revolving credit facility to replace the LIBOR-based interest rate index, which was phased out, with a SOFR-based interest rate index. The transition from LIBOR to SOFR did not have a material impact on the Company.

On January 25, 2024, we entered into an amendment to our revolving credit facility. Among other things, the amendment amends the revolving credit facility to:

•Reduce the Five-Year Commitments (as defined in the Credit Agreement) from $1.51 billion to $750 million;

•Extend the term of such Five-Year Commitments from August 15, 2024 to January 25, 2029, subject to a 91-day springing maturity date if debt in excess of $300 million (subject to certain exceptions) were to mature before such date;

•Add the right to obtain a temporary 0.5x step-up in the Total Leverage Ratio (as defined in the Credit Agreement) after consummating a Qualified Acquisition (as defined in the Credit Agreement);

•Increase the amount of Unrestricted Cash (as defined in the Credit Agreement) to $600 million;

•Amend the definition of Consolidated EBITDA to include an add-back for certain professional fees and expenses; and

•Establish a $50 million swingline facility.

Under the amended credit agreement, the Company’s maximum Total Leverage Ratio (as defined in the Credit Agreement) will remain unchanged at 4.50x.

None of the available capacity on the revolving credit facility was drawn on the amendment date.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2023
2024	$	—
2025	—
2026	550,000
2027	440,000
2028	1,000,000
Thereafter	1,100,000
Total	$	3,090,000

Shareholders' equity - Schedule of Nonvested Performance-based Units Activity (Details) - Performance Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Unvested at beginning of year (in shares)	986,104,000	1,015,433,000	1,142,879,000
Granted (in shares)	642,413,000	484,781,000	553,090,000
Vested (in shares)	(564,159,000)	(503,844,000)	(646,635,000)
Canceled (in shares)	(116,337,000)	(10,266,000)	(33,901,000)
Unvested at end of year (in shares)	948,021,000	986,104,000	1,015,433,000
Weighted average fair value
Unvested at beginning of year (in dollars per share)	$ 18.18	$ 15.04	$ 12.87
Granted (in dollars per share)	16.33	21.80	17.48
Vested (in dollars per share)	16.21	15.26	13.22
Canceled (in dollars per share)	18.25	17.09	14.20
Unvested at end of year (in dollars per share)	$ 18.16	$ 18.18	$ 15.04

Investments and other assets (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Schedule of Investments and Other Assets

Our investments and other assets consisted of the following as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Cash value life insurance	$	50,865	$	48,919

Equity method investments	16,195		17,003
Other equity investments	19,526		20,158
Deferred debt issuance costs	—		2,232
Long-term contract assets	9,878		14,135
Other long-term assets	17,057		24,047
Total	$	113,521	$	126,494

Retirement plans - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Comprehensive Income (Loss) [Line Items]
Current year net actuarial (loss) gain	$ 2,387	$ (21,892)	$ 4,463
Amortization of previously deferred prior service costs	5,590	4,158	5,217
Pension and other postretirement benefit items	7,977	(17,434)	10,626
Retirement Plans
Comprehensive Income (Loss) [Line Items]
Current year net actuarial (loss) gain	2,356	(23,688)	4,463
Amortization of actuarial loss	6,059	4,583	4,952
Amortization of previously deferred prior service costs	90	90	90
Pension payment timing related charges	0	300	946
Pension and other postretirement benefit items	$ 8,505	$ (18,715)	$ 10,451

Goodwill and other intangible assets - Schedule of Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (289,949)	$ (348,087)
Total	204,241
Total indefinite-lived and amortizable intangible assets, gross	2,618,921	2,729,693
Total indefinite-lived and amortizable intangible assets, net	2,328,972	2,381,606
Television and radio station FCC broadcast licenses
Indefinite-lived Intangible Assets [Line Items]
Television and radio station FCC broadcast licenses	2,124,731	2,123,898
Retransmission agreements
Finite-Lived Intangible Assets [Line Items]
Gross	113,621	224,827
Accumulated Amortization	(95,619)	(184,796)
Total	18,002	40,031
Network affiliation agreements
Finite-Lived Intangible Assets [Line Items]
Gross	309,502	309,503
Accumulated Amortization	(144,834)	(121,664)
Total	164,668	187,839
Other
Finite-Lived Intangible Assets [Line Items]
Gross	71,067	71,465
Accumulated Amortization	(49,496)	(41,627)
Total	$ 21,571	$ 29,838

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Loss carryforwards	$ 16,435	$ 12,537
Deferred tax assets valuation allowance	25,001	26,339	$ 41,929	$ 43,467
Decrease in valuation allowance	1,300
Unrecognized tax benefits that, if recognized, would impact effective tax rate	5,600	6,400
Recognized expense/income from the release of penalty reserves	300	200	$ 700
Accrued interest expense and penalties payable related to unrecognized tax benefits	700	$ 900
Estimated decrease in gross unrecognized tax positions within the next 12 months, maximum	2,600
State
Income Taxes [Line Items]
Tax credit carryforward	7,200
Loss carryforwards	11,300
Federal
Income Taxes [Line Items]
Loss carryforwards	$ 3,700

Goodwill and other intangible assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 47,293
2025	28,468
2026	24,431
2027	14,577
2028	13,644
Thereafter	75,828
Total	$ 204,241

Shareholders' equity - Schedule of Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 5,590	$ (16,342)	$ 6,163
Income tax effect	(1,436)	4,236	(1,590)
Total reclassifications, net of tax	4,154	(12,106)	4,573
Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	(464)	(481)	(481)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	6,054	4,639	5,698
Pension payment timing related charges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	0	300	946
Realized gain on available-for-sale investment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 0	$ (20,800)	$ 0

Leases - Schedule of Future Rent Payments on Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash Payments
2024	$ 16,516
2025	15,048
2026	13,112
2027	12,831
2028	12,523
Thereafter	36,009
Total lease payments	106,039
Less: amount of lease payments representing interest	20,394
Present value of lease liabilities	$ 85,645	$ 90,994

Investments and other assets

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investments and other assets

Our investments and other assets consisted of the following as of December 31, 2023 and 2022 (in thousands):


	Dec. 31,
	2023		2022
Cash value life insurance	$	50,865	$	48,919

Equity method investments	16,195		17,003
Other equity investments	19,526		20,158
Deferred debt issuance costs	—		2,232
Long-term contract assets	9,878		14,135
Other long-term assets	17,057		24,047
Total	$	113,521	$	126,494

Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plan. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods presented.

Equity method investments: These are investments in entities in which we have significant influence, but do not have a controlling financial interest. Our share of net earnings and losses from these ventures is included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income.

Other equity investments: Represent investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In 2022, we recorded a $2.5 million impairment charge, due to the decline in the fair value of one of our investments. In 2021, we recognized a $1.9 million gain on one of these investments due to an observable price increase in the fair value of the investment. Also in 2021, we recorded a $1.9 million impairment charge, due to the decline in the fair value of a different investment. The impairment charges and gains were recorded within “Other non-operating items, net” in the Consolidated Statements of Income.

We own an equity investment in MadHive, Inc (MadHive) that is accounted for as an other equity investment. In the third quarter of 2023 we sold a portion of this investment for $26.4 million, which resulted in a gain of $25.8 million that was recorded in “Other non-operating items, net” within our Consolidated Statements of Income. The sale reduced our ownership in MadHive to 19% on a fully diluted basis. We determined that no write up of our remaining MadHive investment was required. See Note 11 for additional information about our investment in MadHive.

Deferred debt issuance costs: These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our unsecured notes are accounted for as a reduction in the debt obligation.

Long-term contract assets: These amounts primarily consist of an asset related to a long-term services agreement for IT security and an asset representing the long-term portion of a contract asset that was recognized as a result of the $20.8 million gain discussed above related to favorable rates obtained on recent commercial agreements with MadHive. This gain resulted in a contract asset which was recognized in January 2022 and that was amortized over two years (through December 2023). See Note 11 for additional details.

Other matters

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Other matters

Litigation

Antitrust matters

In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven other broadcasters settled a DOJ complaint alleging the exchange of competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. We do not expect the costs of compliance to be material.

Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. The plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct.

These cases were consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned In re: Local TV Advertising Antitrust Litigation on October 3, 2018. At the court’s direction, the plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. On March 16, 2022, the plaintiffs filed a third amended complaint, which, among other things, added ShareBuilders, Inc., as a named defendant. ShareBuilders filed a motion to dismiss on April 15, 2022, which was granted by the court without prejudice on August 29, 2022. TEGNA has filed its answer to the third amended complaint denying any violation of law and asserting various affirmative defenses.

On May 26, 2023, the plaintiffs moved for preliminary approval of settlements with four co-defendants – CBS Corp (n/k/a Paramount Global), Fox Corp., certain Cox entities (including Cox Media Group, LLC, Cox Enterprises, Inc., CMG Media Corporation and Cox Reps, Inc.) and ShareBuilders, Inc. Although ShareBuilders prevailed on its motion to dismiss the case, as noted above, because the court had dismissed the claims without prejudice ShareBuilders entered into a zero dollar settlement with the plaintiffs in order to ensure that the plaintiffs do not re-file the claims in the future. In exchange for a release of the plaintiffs’ claims against them, the settling defendants, among other things, collectively agreed to pay $48 million, while expressly denying any liability or wrongdoing. On December 7, 2023, the Court granted the plaintiffs’ motion for approval of the settlements with these defendants.

Discovery in the Advertising Cases is ongoing. We believe that the claims asserted in the Advertising Cases are without merit and intend to defend vigorously against them.

Other litigation matters

We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be incurred as a result of any of the foregoing matters.

Commitments: The following table summarizes the expected cash outflow related to our commitments related to programming contracts that are not recorded on our Consolidated Balance Sheets as of December 31, 2023. Such obligations include future payments related to network affiliation agreements and commitments to purchase syndicated television programming that will be produced in the future. Certain network affiliation agreements include variable fee components which have been reflected in the table below based on the minimum known amounts that we are obligated to pay. The aggregate programming commitments of $3.43 billion at December 31, 2023 compares to $2.83 billion at December 31, 2022. The increase in the aggregate commitments is primarily due to the ABC and NBC affiliation agreements which were renewed in 2023. The table below lists programming contract commitments by year for each of the next five years and all years thereafter in aggregate (in thousands):


Year	Programming Contracts
2024	$	915,531
2025	911,559
2026	823,846
2027	397,951
2028	385,020
Thereafter	—
Total	$	3,433,907

Major Customers: Customers that purchase our advertising and marketing services are comprised of local, regional, and national advertisers across our markets. Our subscription revenue customers include cable operators and satellite providers that pay us to carry our programming. In 2023, two customers purchased both advertising and marketing services and paid us compensation related to retransmission consent agreements, which in the aggregate represented more than 10% of consolidated revenue in 2023. These customers represented $415.4 million and $300.5 million of consolidated revenue in the year ended December 31, 2023. In 2022, we had two major customers that purchased more than 10% of our revenue with $416.3 million and $387.3 million while we had two customers that purchased more than 10% of our revenue with $410.8 million and $399.7 million in 2021.

Related Party Transactions: We have equity investments in MadHive which is a related party of TEGNA. In addition to our investments, we also have commercial agreements with MadHive under which MadHive supports our Premion business in acquiring OTT advertising inventory, as well as delivering and tracking the ad impressions. During the year ended December 31, 2023, we incurred expenses of $90.6 million as a result of the commercial agreements with MadHive. During the years ended December 31, 2022 and 2021, we incurred $121.1 million and $80.3 million of expenses, respectively, under the commercial agreements. These expenses are recorded as “Cost of revenue” on our Consolidated Statements of Income. As of December 31, 2023 and 2022, we had accounts payable and accrued liabilities associated with the MadHive commercial agreements of $5.4 million and $10.0 million, respectively.

In December 2021, we renewed our commercial agreements with MadHive. Simultaneously with the commercial agreement renewals, we also amended the terms of our then outstanding available-for-sale convertible debt security investment. In exchange for the convertible debt modifications, we received favorable terms in our renewed commercial agreements. We estimated the fair value of our available-for-sale security at December 31, 2021 using a market fair value approach based on the cash we expect to receive upon maturity of the note and the estimated cash savings that the favorable contract terms will provide over the term of the commercial agreements. In January 2022, we recorded an intangible contract asset for $20.8 million (equal to the estimated cash savings), and amortized this asset on a straight-line basis over the noncancellable term of the commercial agreements of two years. This non-cash expense is recorded within “Cost of revenues,” within our Consolidated Statements of Income. The debt matured in June 2022 at which time the principal balance of $3.0 million plus accrued interest was paid to us.

In the second quarter of 2023, we further extended the terms of our commercial agreement with MadHive for an additional two years, through December 31, 2025.

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of estimates	Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and contingencies.
Basis of presentation	Basis of presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income and have updated the prior year presentation to conform to this new presentation.
Terminated Merger Agreement	Terminated Merger Agreement: On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent, and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership and CMG Media Corporation, a Delaware corporation, and certain of its subsidiaries. On May 22, 2023, after a protracted regulatory review, we terminated the Merger Agreement in accordance with its terms. Under the terms of the Merger Agreement, Parent was required to pay us a $136.0 million fee as a result of this termination. In lieu of cash payment for the termination fee, we agreed to accept from Parent 8.6 million shares of the Company’s common stock, which Parent transferred to the Company on June 1, 2023, and which was recorded as an increase to our Treasury stock. The $136.0 million termination fee was recorded as an operating item within our Consolidated Statements of Income and Consolidated Statements of Cash Flow during the second quarter of 2023. Approximately $9.9 million of the termination fee was contractually due to one of the Company’s professional advisors. This expense was recorded within “Corporate - General and Administrative expenses” within our Consolidated Statements of Income.
Segment presentation	Segment presentation: We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets. Our reportable segment structure has been determined based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.
Cash and cash equivalents	Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value.
Trade receivables and allowances for doubtful accounts	Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers.
Property and equipment	Property and equipment: Property and equipment are recorded at cost, and depreciation expense is recorded generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Expenditures for maintenance and repairs are expensed as incurred.
Valuation of long-lived assets	Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose.
Goodwill and indefinite-lived intangible assets	Goodwill and indefinite-lived intangible assets: The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the quantitative test. Otherwise, the quantitative test is not required. In 2023, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test. Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined that our one operating segment, Media, consists of a single reporting unit. When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2023, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit exceeded the carrying value by more than 20 percent. We also have significant intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television and radio stations. The FCC broadcast licenses are recorded at their estimated fair value at the date of acquisition. Fair value is estimated using an income approach called the Greenfield method, which utilizes a discounted cash flow model that incorporates several key assumptions, including market revenues, long-term growth projections, estimated market share for a typical market participant, estimated profit margins based on market size and station type, and a discount rate (determined using a weighted average cost of capital). Since these licenses are considered indefinite lived intangible assets we do not amortize them, rather they are tested for impairment annually (first day of our fourth quarter), or more often if circumstances dictate, for impairment and written down to fair value as required. We have the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of the indefinite lived asset is more than its carrying amount. If that is the case, then we do not need to perform the quantitative analysis. The qualitative assessment considers trends in macroeconomic conditions, industry and market conditions, cost factors and overall financial performance of the indefinite lived asset.
Investments and other assets	Investments and other assets: Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating items, net on our Consolidated Statements of Income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges we recorded for certain of the investments.Investments in the equity of non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included in other non-operating items (net) on our Consolidated Statements of Income.Our television stations are party to program broadcasting contracts which provide us with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based on when the programming is expected to air.The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analyses are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program. If the future direct costs exceed expected revenues, impairment of the program asset may be required.
Redeemable Noncontrolling interest	Redeemable Noncontrolling interest: Our Premion business operates an advertising network for OTT streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the existing commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date.
Treasury Stock	Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. Our primary source of revenue is our subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided. Our performance obligations are satisfied, and revenue is recognized, as our customers retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent. We also earn revenue through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract, we establish the transaction price with our customer based on the agreed upon rates for each performance obligation. Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and tower rental income and distribution of our local news content. Revenue is recognized as these various services are provided to our customers. In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g., performance obligation) based on the relative fair value of each element.
Retirement plans	Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as a current or non-current liability within our Consolidated Balance Sheets. When annually adjusting to recognize the funded status of the plan, there is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity and Redeemable Noncontrolling Interest. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan.
Employee awards stock-based employee compensation	Employee awards stock-based employee compensation: We grant restricted stock units (RSUs) and performance share awards (PSAs) to employees as a form of compensation. The expense for the RSUs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to PSAs is remeasured monthly to take into account changes in the Company’s stock price over the first two-year performance period, as the award provides the Leadership Development and Compensation Committee with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. Expense under these programs is recognized over the requisite service period, which is typically a four-year period for RSUs and a three-year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method.
Advertising and marketing costs	Advertising and marketing costs: We expense advertising and marketing costs, such as costs to promote our brands, as they are incurred.
Income taxes	Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from tax loss and tax credit carryforwards. Deferred income taxes reflect expected future tax benefits (i.e., assets) and future tax costs (i.e., liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented.
Loss contingencies	Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable.
Accounting guidance adopted in 2023 and New accounting guidance not yet adopted	Accounting guidance adopted in 2023: We did not adopt any new accounting guidance in 2023 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 and may be applied on either prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.
Long-term debt	Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which was previously based on the LIBOR. During the second quarter of 2023, we amended our revolving credit facility to replace the LIBOR-based interest rate index, which was phased out, with a SOFR-based interest rate index. The transition from LIBOR to SOFR did not have a material impact on the Company.

Shareholders' equity - Schedule of Restricted Stock and RSU Awards (Details) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Unvested at beginning of year (in shares)	2,543,732,000	2,842,288,000	2,614,654,000
Granted (in shares)	2,289,278,000	949,022,000	1,282,636,000
Vested (in shares)	(1,122,923,000)	(1,118,395,000)	(899,282,000)
Canceled (in shares)	(244,707,000)	(129,183,000)	(155,720,000)
Unvested at end of year (in shares)	3,465,380,000	2,543,732,000	2,842,288,000
Weighted average fair value
Unvested at beginning of year (in dollars per share)	$ 17.80	$ 15.11	$ 13.09
Granted (in dollars per share)	16.09	21.90	17.83
Vested (in dollars per share)	16.41	14.62	13.21
Canceled (in dollars per share)	17.78	16.39	14.56
Unvested at end of year (in dollars per share)	$ 17.12	$ 17.80	$ 15.11

Other matters - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

May 26, 2023

USD ($)

preliminaryApproval

Oct. 03, 2018

defendant

Jun. 30, 2022

USD ($)

Jun. 30, 2019

defendant

Dec. 13, 2018

defendant

Sep. 30, 2022

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Jan. 31, 2022

USD ($)

Commitments and Contingencies Disclosure [Line Items]

Cost of revenues

^[1]

$ 1,718,857,000

$ 1,693,221,000

$ 1,598,759,000

Proceeds from maturity of debt securities available for sale

$ 3,000,000

Related Party | MadHive Inc

Commitments and Contingencies Disclosure [Line Items]

2 years

Commitments and Contingencies Disclosure [Line Items]

Gross

$ 20,800,000

Intangible asset useful life

2 years

Equity And Debt Investment | Related Party

Commitments and Contingencies Disclosure [Line Items]

Cost of revenues

90,600,000

121,100,000

80,300,000

Accounts payable

$ 5,400,000

$ 10,000,000

Two Customers | Sales Revenue | Customer Concentration Risk

Commitments and Contingencies Disclosure [Line Items]

Percentage of revenue

10.00%

Customer One | Sales Revenue | Customer Concentration Risk

Commitments and Contingencies Disclosure [Line Items]

Revenues

$ 415,400,000

$ 416,300,000

410,800,000

Customer Two | Sales Revenue | Customer Concentration Risk

Commitments and Contingencies Disclosure [Line Items]

Revenues

300,500,000

387,300,000

$ 399,700,000

One Customer | Sales Revenue | Customer Concentration Risk

Commitments and Contingencies Disclosure [Line Items]

Percentage of revenue

10.00%

Programming Contracts

Commitments and Contingencies Disclosure [Line Items]

Purchase commitments under contract

$ 3,430,000,000

$ 2,830,000,000

Clay, Massey & Associates, P.C. v. Gray Television

Commitments and Contingencies Disclosure [Line Items]

Number of defendants | defendant

Loss contingency, number of codefendants | preliminaryApproval

Litigation settlement, amount awarded to other party

$ 0

Loss contingency, damages sought, value

$ 48,000,000

Settled Litigation

Commitments and Contingencies Disclosure [Line Items]

Number of defendants | defendant

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Income taxes - Schedule of Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.30%	2.70%	2.60%
Uncertain tax positions, settlements and lapse of statutes of limitations	(0.20%)	0.00%	0.30%
Valuation allowance on equity method investment	(0.70%)	0.60%	0.00%
Other valuation allowances, tax rate changes, & deferred adjustments	0.80%	(0.60%)	(1.70%)
Non-deductible transaction costs	(0.80%)	0.50%	0.10%
Net excess benefits or expense on share-based payments	(0.10%)	(0.30%)	(0.20%)
Non-taxable Merger termination fee	(1.30%)	0.00%	0.00%
Other, net	0.50%	0.40%	0.00%
Effective tax rate	21.50%	24.30%	22.10%

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Description of business, use of estimates, basis of presentation, terminated merger agreement, and summary of significant accounting policies

Description of business: We are an innovative media company serving the greater good of our communities. Our business includes 64 television stations operating in 51 U.S. markets, offering high-quality television programming and digital content. Each television station also has a robust digital presence across online, mobile and social platforms, reaching consumers on all devices and platforms they use to consume news content. We also own two radio stations in Columbus, OH and leading multicast networks True Crime Network and Quest. Through TEGNA Marketing Solutions (TMS), our integrated sales and back-end fulfillment operations, we deliver results for advertisers across television, digital and over-the-top (OTT) platforms, including Premion, our OTT advertising network.

Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and contingencies.

Basis of presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income and have updated the prior year presentation to conform to this new presentation.

Terminated Merger Agreement: On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent, and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership and CMG Media Corporation, a Delaware corporation, and certain of its subsidiaries.

On May 22, 2023, after a protracted regulatory review, we terminated the Merger Agreement in accordance with its terms. Under the terms of the Merger Agreement, Parent was required to pay us a $136.0 million fee as a result of this termination. In lieu of cash payment for the termination fee, we agreed to accept from Parent 8.6 million shares of the Company’s common stock, which Parent transferred to the Company on June 1, 2023, and which was recorded as an increase to our Treasury stock. The $136.0 million termination fee was recorded as an operating item within our Consolidated Statements of Income and Consolidated Statements of Cash Flow during the second quarter of 2023. Approximately $9.9 million of the termination fee was contractually due to one of the Company’s professional advisors. This expense was recorded within “Corporate - General and Administrative expenses” within our Consolidated Statements of Income.

Summary of significant accounting policies:

Segment presentation: We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets. Our reportable segment structure has been determined based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.

Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value.

Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. Bad debt expense is included in “Business units - Selling, general and administrative expenses” on our Consolidated Statements of Income. We had bad debt expense of $1.7 million and $3.1 million in 2023 and 2022, respectively. In 2021, we had a net reversal of bad debt expense of $0.7 million due to improved collection trends. Write-offs of trade receivables (net of recoveries) were $2.5 million in 2023, $3.8 million in 2022 and $1.9 million in 2021.

Property and equipment: Property and equipment are recorded at cost, and depreciation expense is recorded generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Expenditures for maintenance and repairs are expensed as incurred.

Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. We recognized impairment charges in 2021 related to long-lived assets. See Note 10 for further discussion.

Goodwill and indefinite-lived intangible assets: The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed.

Our goodwill balance was $2.98 billion as of both December 31, 2023 and 2022. Goodwill is tested for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or changes in circumstances indicate that the fair value of our reporting unit may be below its carrying amount.

Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the quantitative test. Otherwise, the quantitative test is not required. In 2023, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test.

Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined that our one operating segment, Media, consists of a single reporting unit.

When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit.

We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2023, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit exceeded the carrying value by more than 20 percent.

We also have significant intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television and radio stations. The FCC broadcast licenses are recorded at their estimated fair value at the date of acquisition. Fair value is estimated using an income approach called the Greenfield method, which utilizes a discounted cash flow model that incorporates several key assumptions, including market revenues, long-term growth projections, estimated market share for a typical market participant, estimated profit margins based on market size and station type, and a discount rate (determined using a weighted average cost of capital). Since these licenses are considered indefinite lived intangible assets we do not amortize them, rather they are tested for impairment annually (first day of our fourth quarter), or more often if circumstances dictate, for impairment and written down to fair value as required. We have the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of the indefinite lived asset is more than its carrying amount. If that is the case, then we do not need to perform the quantitative analysis. The qualitative assessment considers trends in macroeconomic conditions, industry and market conditions, cost factors and overall financial performance of the indefinite lived asset.

In 2023, we elected to perform the quantitative assessment for certain FCC licenses which have experienced limited headroom in recent years. The aggregate carrying value of such licenses is $395.9 million. No impairment charges were recorded as a result of this analysis. However, material adverse changes in any of the significant valuation inputs could result in future declines in the fair value of these FCC license assets, and could result in non-cash impairment charges which could have a material adverse impact on our future results from operations and financial position.

We performed the optional qualitative assessment for all of our other FCC licenses, which represented an aggregate carrying value of $1.73 billion. In performing the qualitative impairment analysis, we analyzed trends in the significant inputs used in the fair value determination of the FCC license assets. This included reviewing trends in market revenues, market share, profit margins, long-term expected growth rates, and changes in the discount rate. The results of our qualitative procedures showed no material adverse change in inputs that would indicate an impairment exists since the last quantitative test of these assets. As such, we concluded it was more likely than not that the fair value of these indefinite lived FCC broadcast licenses was more than their carrying amounts and therefore, we did not perform a quantitative test on these licenses in 2023.

Investments and other assets: Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating items, net on our Consolidated Statements of Income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges we recorded for certain of the investments.

Investments in the equity of non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included in other non-operating items (net) on our Consolidated Statements of Income. As of December 31, 2023 and 2022, such investments totaled $19.5 million and $20.2 million, respectively. During 2023, we recorded a gain in connection with the sale of one such investment (see Note 3 for additional information). During 2022, we recorded a $2.5 million impairment charge on one such investment. In 2021, we recorded a $1.9 million gain for one of these investments and a $1.9 million impairment charge on a different investment.

Our television stations are party to program broadcasting contracts which provide us with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based on when the programming is expected to air. Expense is recognized on a straight line basis which appropriately matches the cost of the programs with the revenues associated with them. During 2023, 2022 and 2021, we incurred programming expense of $53.2 million, $68.8 million and $70.7 million, respectively. Programming expense is included in “Cost of revenues” within our Consolidated Statements of Income. As of December 31, 2023, $31.5 million of programming assets existed which we expect to be expensed within the next twelve months. The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter.

We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analyses are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program. If the future direct costs exceed expected revenues, impairment of the program asset may be required. In 2023, we recognized an impairment charge of $3.4 million related to certain programming assets. No impairment charges were recognized in 2022 or 2021.

Redeemable Noncontrolling interest: Our Premion business operates an advertising network for OTT streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the existing commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date.

Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets.

Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue.

Our primary source of revenue is our subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided. Our performance obligations are satisfied, and revenue is recognized, as our customers retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent.

We also earn revenue through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract, we establish the transaction price with our customer based on the agreed upon rates for each performance obligation.

Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts.

We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts.

Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and tower rental income and distribution of our local news content. Revenue is recognized as these various services are provided to our customers.

In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g., performance obligation) based on the relative fair value of each element.

Revenue earned by categories in 2023, 2022 and 2021 are shown below (amounts in thousands):


	2023		2022		2021
Subscription	$	1,527,563	$	1,530,402	$	1,466,433
Advertising & Marketing Services	1,289,903		1,363,417		1,428,082
Political	45,800		341,110		60,573
Other	47,664		44,316		36,005
Total revenues	$	2,910,930	$	3,279,245	$	2,991,093

Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as a current or non-current liability within our Consolidated Balance Sheets. When annually adjusting to recognize the funded status of the plan, there is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity and Redeemable Noncontrolling Interest. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan.

Employee awards stock-based employee compensation: We grant restricted stock units (RSUs) and performance share awards (PSAs) to employees as a form of compensation. The expense for the RSUs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to PSAs is remeasured monthly to take into account changes in the Company’s stock price over the first two-year performance period, as the award provides the Leadership Development and Compensation Committee with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. Expense under these programs is recognized over the requisite service period, which is typically a four-year period for RSUs and a three-year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method. See Note 9 for further discussion.

Advertising and marketing costs: We expense advertising and marketing costs, such as costs to promote our brands, as they are incurred. Advertising expenses were $10.7 million in 2023, $9.7 million in 2022 and $9.8 million in 2021, and are included in “Business units - Selling, general and administrative expenses” on the Consolidated Statements of Income.

Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from tax loss and tax credit carryforwards. Deferred income taxes reflect expected future tax benefits (i.e., assets) and future tax costs (i.e., liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized.

We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented.

Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable.

Accounting guidance adopted in 2023: We did not adopt any new accounting guidance in 2023 that had a material impact on our consolidated financial statements or disclosures.

New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.

In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 and may be applied on either prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.

Retirement plans - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligations
Benefit obligations as of end of year	$ 462,466
Change in plan assets
Fair value of plan assets as of end of year	386,108
Funded status as of end of year	(76,358)
Amounts recognized in Consolidated Balance Sheets
Pension liabilities—non-current	(70,483)	$ (73,684)
Retirement Plans
Change in benefit obligations
Benefit obligations as of beginning of year	464,309	605,834
Interest cost	24,183	16,830	$ 15,887
Actuarial loss (gain)	9,443	(119,462)
Benefits paid	(35,469)	(36,943)
Settlements	0	(1,950)
Benefit obligations as of end of year	462,466	464,309	605,834
Change in plan assets
Fair value of plan assets as of beginning of year	385,005	541,758
Actual gains (losses) experienced by plan assets	32,739	(123,648)
Employer contributions	3,833	5,788
Benefits paid	(35,469)	(36,943)
Settlements	0	(1,950)
Fair value of plan assets as of end of year	386,108	385,005	$ 541,758
Funded status as of end of year	(76,358)	(79,304)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	(5,875)	(5,620)
Pension liabilities—non-current	$ (70,483)	$ (73,684)

Other matters (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Recorded Unconditional Purchase Obligations

The table below lists programming contract commitments by year for each of the next five years and all years thereafter in aggregate (in thousands):


Year	Programming Contracts
2024	$	915,531
2025	911,559
2026	823,846
2027	397,951
2028	385,020
Thereafter	—
Total	$	3,433,907

Retirement plans - Schedule of Assumptions Used in Calculating Pension Benefit Obligations Table (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	5.20%	5.50%	2.89%

Asset impairment and other

12 Months Ended

Dec. 31, 2023

Unusual or Infrequent Items, or Both [Abstract]

Asset impairment and other

As events occur, or circumstances change, we may recognize non-cash impairment charges to reduce the book value of intangible and other long-lived assets or to record charges (gains) related spectrum repacking reimbursements and other efforts, or other unique events.

A summary of these items by year (pre-tax basis) is presented below (in thousands):


	2023		2022		2021
Programming rights impairment	$	3,359	$	—	$	—
Reimbursement of spectrum repacking	—		(323)		(4,942)
Property and equipment impairments	—		—		1,095
Contract termination and other costs related to national sales	—		—		1,540


Total asset impairment and other	$	3,359	$	(323)	$	(2,307)

Programming rights impairment: In the second quarter of 2023, a $3.4 million impairment charge was recognized on programming assets.

Reimbursement of spectrum repacking: Some of our stations have had to purchase new equipment in order to comply with an FCC spectrum repacking initiative. As part of this initiative, the FCC is reimbursing companies for costs incurred to comply with the new requirements. In 2023, 2022 and 2021, we received $0.0 million, $0.3 million, $4.9 million of such reimbursements, respectively, which we have recorded as contra expense. All of our repacked stations have completed their transitions to their new channels.

Property and equipment impairments: During 2021, we recorded $1.1 million of impairment charges associated with the disposal of operating assets at several of our television stations.

Contract termination and other costs related to national sales: In 2021, we incurred a $1.5 million charge associated with contract termination and other incremental transition costs related to bringing our national sales organization in-house. Prior to the transition we utilized a third party national marketing representation firm for our national television advertising.

Asset impairment and other (Tables)

12 Months Ended

Dec. 31, 2023

Unusual or Infrequent Items, or Both [Abstract]

Schedule of Facility Consolidation and Asset Impairment Charges

A summary of these items by year (pre-tax basis) is presented below (in thousands):


	2023		2022		2021
Programming rights impairment	$	3,359	$	—	$	—
Reimbursement of spectrum repacking	—		(323)		(4,942)
Property and equipment impairments	—		—		1,095
Contract termination and other costs related to national sales	—		—		1,540


Total asset impairment and other	$	3,359	$	(323)	$	(2,307)